SOLUTION: A man borrows $360. If he pays it back in 12 monthly installments of $31.50, what is his interest rate?
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Question 1101762: A man borrows $360. If he pays it back in 12 monthly installments of $31.50, what is his interest rate?
Answer by Shin123(626) (Show Source): You can put this solution on YOUR website!
$31.50*12=$378 378-360=$18 360/18=20 1/20=0.05=5%
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