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Mason took out an $800 loan from the bank. At the end of 5 years, he pays back the principal, plus $120 simple interest. What was the interest rate? help !!

Mason took out an $800 loan from the bank. At the end of 5 years, he pays back the principal, plus $120 simple interest. What was the interest rate? help !!
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3 votes
Mason took out an $800 loan from the

bank. At the end of 5 years, he pays
back the principal, plus $120 simple
interest. What was the interest rate?

help !!

asked
User Sneh
by
7.6k points

1 Answer

5 votes

Answer: 15%

Explanation:

answered
User Kasaname
by
8.9k points
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