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24 August, 05:28

Loan amount = 9,500 monthly payments = 227.50, time of loan contract = 5 years. What's the true annual interest rate (to the nearest tenth)

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  1. 24 August, 06:52
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    12 monts in a year

    227.5 per month

    times 12 to find per year

    227.5 times 12=2730

    find percent

    percent means parts out of 100 so

    x%=x/100

    2730/9500=x/100

    multiply both sides by 9500

    2730=95x

    divide both sides by 95

    28.736=x

    tenh

    28.7

    answer is 28.7%
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