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Glen received $2,250 loan from bank. After six months, he paid back $45 interest and closed the loan. Find the rate of interest.​

Sagot :

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Answer:

Given:

P = $2,250

n = 6 months = 6/12 = 0.5 year

I = $45

i = ?

Formula:

I = Pni

Solution:

$45 = $2,250(0.5)(i)

i = 0.04 or 4%

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