SOLUTION: if a have $20,000.00 and it makes $4920.00 interest in a 12 month period what is the apr ( and is not compounded)

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Question 693286: if a have $20,000.00 and it makes $4920.00 interest in a 12 month period what is the apr ( and is not compounded)
Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
if a have $20,000.00 and it makes $4920.00 interest in a 12 month period what is the apr
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I = Prt
4920 = 20000*r*1
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r = 4920/20,000
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r = 0.246 = 24.6%
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Cheers,
Stan H.
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