SOLUTION: Sandra borrowed $1500 on a 8-month note. The maturity value of the note was $1620. What simple interest rate was he charged for his note?

SOLUTION: Sandra borrowed $1500 on a 8-month note. The maturity value of the note was $1620. What simple interest rate was he charged for his note?

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Question 863990: Sandra borrowed $1500 on a 8-month note. The maturity value of the note was $1620. What
simple interest rate was he charged for his note?

Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
I=Prt
120=1500*r*2/3
120=1000r
120/1000=r
r=0.12=12%
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