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March 30, 2017

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Compute the rate for the following loan. Round your answer to the nearest tenth of a percent.


Principal

Rate (%)

Time

Interest


$50,000



9 months

$4,500

  • Business Math - ,

    I = PRT

    4,500 = 50,000 * R * 0.75

    4,500 = 37,500R

    4,500 / 37,500 = R

    0.12 = 12% = R

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