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My cousin borrowed $18,000 for a new car loan for 6 years. He told me that at the end of the loan, he had paid $25,560 for the interest and principal. What was the rate of the l…

My cousin borrowed $18,000 for a new car loan for 6 years. He told me that at the end of the loan, he had paid $25,560 for the interest and principal. What was the rate of the l…
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My cousin borrowed $18,000 for a new car loan for 6 years. He told me that at the end of the loan, he had paid $25,560 for the interest and principal. What was the rate of the loan?

A. 7%
B. 8%
C. 9%
D. 10%

asked
User Phininity
by
7.6k points

1 Answer

10 votes

Answer:

A

Explanation:

answered
User Lrnv
by
8.6k points
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