SOLUTION: Scott took out a 4-year car loan for $5,500. He paid back a total of $7,370. What interest rate did he pay for this loan?

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Question 425272: Scott took out a 4-year car loan for $5,500. He paid back a total of $7,370. What interest rate did he pay for this loan?

Answer by stanbon(57967) About Me  (Show Source):
You can put this solution on YOUR website!
Did he pay simple or compound interest?
Cheers,
Stan H.