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Four years ago, Spencer borrowed money from his cousin who charged him simple interest. If Spencer paid his cousin back $62, what was the interest rate? Could you have figured t…

Four years ago, Spencer borrowed money from his cousin who charged him simple interest. If Spencer paid his cousin back $62, what was the interest rate? Could you have figured t…
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Four years ago, Spencer borrowed money from his cousin who charged him simple interest. If Spencer paid his cousin back $62, what was the interest rate? Could you have figured this out if the interest rate was compounded instead?​

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User Hugo Matilla
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8.1k points

1 Answer

3 votes

Answer: Municipal Bank will charge him 8% simple interest

Explanation:

answered
User SND
by
8.1k points
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