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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

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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