SOLUTION: Alex loans $3,000 and then was paid back $4,500 after 1 year, how much more did he get back and what was the interest rate?

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Question 251580: Alex loans $3,000 and then was paid back $4,500 after 1 year, how much more did he get back and what was the interest rate?
Answer by richwmiller(9144) About Me  (Show Source):
You can put this solution on YOUR website!
4500-3000=1500
1500=3000*r
What mafia loan shark was this?
Oh, Payday Loans.