SOLUTION: What is the interest rate on a 120 Day loan of $1,500.00 at a 9% interest.
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Question 612399: What is the interest rate on a 120 Day loan of $1,500.00 at a 9% interest.
Answer by solver91311(24713) (Show Source): You can put this solution on YOUR website!
The interest rate on a 9% loan is 9% per annum regardless of the term. The amount of interest paid is dependent on the compounding period, which you chose not to share.
John
My calculator said it, I believe it, that settles it
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