rholbrook7989 rholbrook7989

25-09-2021
Mathematics

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jamerra receevied a $3000 car loan. she plans on paying off the car loan in 2 years at the end of 2 years, jamerra will have paid $450 in intrest. What is the simple interest rate on the car loan

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vinetriasok vinetriasok

25-09-2021

the answer is :

(450/2) = $225 simple interest

225 / 3000 = 0.075 = 7.5%

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