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27 May, 13:34

You lend $240 to your friend. He pays you back $30 in interest in one year. What interest

rate did you charge your friend?

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  1. 27 May, 13:40
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    Answer: 12.50%

    Step-by-step explanation: Lets use an equation find the the interest rate.

    30 = p x 240

    30/240 = p x 240/240

    0.125 = p

    Multiply 0.125 by 100 to get the interest rate. 0.125 x 100 = 12.5

    12.5% = p
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