Eleceagrundy026 Eleceagrundy026

24-10-2020
Mathematics

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The cost of interest of a $500 loan for 12 months is $21.88. What is the interest rate charged for the loan per year?

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21cdunlap 21cdunlap

24-10-2020

the interest rate is approx. 22.85% per year.

500 divided by 21.88 equals approx 22.85.

hope this helps :)

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