Asked by Carol Green on May 11, 2024
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What was the interest rate on a $1750 loan if the amount required to pay off the loan after five months was $1,828.02?
Interest Rate
The interest percentage applied on the sum of money borrowed by an individual from a financial lender.
Pay Off
A financial term describing the complete repayment of a loan or debt along with any interest owed.
- Evaluate the interest rate, foundational amount, and cumulative total payable on loans and investments by employing simple interest.
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Learning Objectives
- Evaluate the interest rate, foundational amount, and cumulative total payable on loans and investments by employing simple interest.