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15 August, 03:23

Determine the interest rate for a $2000

loan that will be paid off in 3 years with interest

totaling $360. In order to find the interest rate,

solve the formula for r.

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Answers (1)
  1. 15 August, 03:40
    0
    6%

    Step-by-step explanation:

    Simple interest=principal*rate*time

    Interest=$360

    Principal=$2000

    Rate=r

    Time=3 years

    Simple interest=principal*rate*time

    360=2000*r*3

    360=6000r

    r=360/6000

    =0.06

    r=0.06*100

    =6%
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