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15. James borrows $4,200 to pay his college tuition. He signs a 5-year simple interest loan. If the monthly payments are $78,40, what is the interest rate on the loan?

15. James borrows $4,200 to pay his college tuition. He signs a 5-year simple interest loan. If the monthly payments are $78,40, what is the interest rate on the loan?
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1 vote
15. James borrows $4,200 to pay his

college tuition. He signs a 5-year
simple interest loan. If the monthly
payments are $78,40, what is the
interest rate on the loan?

asked
User Claydiffrient
by
7.7k points

1 Answer

0 votes

Answer:

interest rate is 0.0186666666666667

1.86666666666667%

Explanation:

answered
User CodingCat
by
7.7k points
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