document.write( "Question 1182562: If you paid $40 to a loan company for the use of $1,483 for 76 days, what annual rate of interest did they charge? (Assume a 360-day year.\r
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Algebra.Com's Answer #812637 by ikleyn(52781) $\"\"$ $\"About$

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document.write( "You write equation for the simple interest  I = Prt  as you read the problem\r\n" );
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document.write( "    40 = 1483*r*(76/360),\r\n" );
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document.write( "where \"r\" is the unknown rate.  From the equation\r\n" );
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document.write( "    r =  = 0.1278   (rounded).\r\n" );
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document.write( "So, the annual simple interest rate is  12.78%.     ANSWER\r\n" );
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\n" ); document.write( "\n" ); document.write( "To see many other similar (and different) solved problems on simple interest accounts, look into the lesson\r
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