SOLUTION: Find the annual simple interest rate of a loan, where $800 is borrowed and where $832 is repaid at the end of 17 months.
Annual simple interest rate=
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Question 658446: Find the annual simple interest rate of a loan, where $800 is borrowed and where $832 is repaid at the end of 17 months.
Annual simple interest rate=
Answer by colliefan(242) (Show Source): You can put this solution on YOUR website!
The amount of the interest paid is 832-800 = $32
The question then is what percentage is that of the original $800.
Percentages are ratios of some part to a whole:
Pct=part/whole
The question is what part is 32 of the whole 800.
pct=32/800
pct = .04 = 4%
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