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December 20, 2014

Homework Help: math

Posted by Haydee on Monday, August 21, 2006 at 3:09am.

the total amount of interest on this loan of $6000 for 150 days is $210.50.
what is the rate of interest on this loan?


If not compounded, or simple interest, then
Interest=Principal(rateinterest)*time

Here time is 5/12 of a year, you are given the interest and principle. Figure the rate of interest.

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