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24 February, 09:19

Find the annual interest rate paid on this loan:

interest=$75 principal=$5,000 time=3 months

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  1. 24 February, 09:47
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    (x/100 * 5000) / 12 * 3 = 75

    50x/12 * 3 = 75

    150x/12 = 75

    150x = 900

    x = 6 %
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