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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?

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?
asked 70.7k views
1 vote
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?

asked
User Ratata
by
8.4k points

1 Answer

4 votes

Answer:

4.376%

Explanation:

$21.88/$500 x 100= 4.376%

answered
User Demaksee
by
8.4k points
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