SOLUTION: You take out a 4-year, $5,000 loan at 10% simple annual interest. The lender charges you a $200 fee. Thinking of the fee as additional interest, what is the actual annual interest
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Question 519923: You take out a 4-year, $5,000 loan at 10% simple annual interest. The lender charges you a $200 fee. Thinking of the fee as additional interest, what is the actual annual interest rate r you will pay?
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