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If you paid $48 to a loan company for the use of $1, 396 for 31 days, what annual rate of interest did they charge?

If you paid $48 to a loan company for the use of $1, 396 for 31 days, what annual rate of interest did they charge?
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if you paid $48 to a loan company for the use of $1, 396 for 31 days, what annual rate of interest did they charge?

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User Mori
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1 Answer

6 votes
They charge 0.034% of simple interest rate compounded monthly
answered
User Manoochehr Dadashi
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