Math 75

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if you paid $120 to a loan company for the use of $2000 for 90 days, what annual rate of interest did they charge?

  • Math 75 -

    I = PRT

    120 = 2,000 * R * 0.25

    120 = 500R

    0.24 - 24% = R

  • Math 75 -

    .24

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