SOLUTION: A man was charged 2 cents per month for every 1 dollar he borrowed from a bank.At what rate per annum was he charged
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Question 1108801: A man was charged 2 cents per month for every 1 dollar he borrowed from a bank.At what rate per annum was he charged
Answer by ikleyn(52794) (Show Source): You can put this solution on YOUR website!
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The rate per annum = ((2 cents per month)*(12 months))/100 cents = = 24%.
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