Please Help!!!! Maths

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Over a three-year period, the total interest paid on a $4500 loan was $1620. What was the interest rate?

  • Please Help!!!! Maths -

    Po = $4500.
    I = $1620

    I = Po*r*t = 1620
    4500*r*3 = 1620
    13500r = 1620
    r = 0.12 = 12%.

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