You can put this solution on YOUR website! After 8 months,$750 simple interest was owed on a loan of $9,000. What is the annual interest rate?
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I = Prt
750 = 9000*r*(8/12)
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75 = 900*r*(2/3)
75 = 600r
r = 0.1250 or 12.5%
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Cheers,
Stan H.
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