murphyzoo1920 murphyzoo1920

21-06-2020
Mathematics

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A loan of $8 000 was repaid in 2 years in
monthly payments of $400.00. The interest
on the loan, as e percentage, was?

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Respuesta :

TheLazyNobita TheLazyNobita

21-06-2020

Answer:

P = 8000

t = 2

I = p × r × t

400 = 8000 × r/100 × 2

r = 400/160 per year

r = 40/16 = 2.5 %

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