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25 February, 02:05

Find the effective rate of interest (APR) for a loan with a loan amount of $3,264, a time of 120 days, and interest of $136. Round to the nearest tenth of a percent.

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  1. 25 February, 02:16
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    I=prt

    136=3264 * (120/360) * r

    Solve for r

    R=0.125*100=12.5%
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