SOLUTION: Hiro took out a $1,600 add on loan for a fly fishing rod that he will pay back in 24 payments of $75.00. Find the interest rate to the nearest percent.
Dont know even where to b
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Dont know even where to b
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Question 736034: Hiro took out a $1,600 add on loan for a fly fishing rod that he will pay back in 24 payments of $75.00. Find the interest rate to the nearest percent.
Dont know even where to begin. Please help. Answer by josmiceli(19441) (Show Source):
You can put this solution on YOUR website! 24 payments of $75.00 is
So Hiro paid in interest
The interest rate is:
This is 12.5%
You could call it 12% or 13%
