# 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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