SOLUTION: .What was the interest rate on a 3.5-year, $1000 loan if the simple interest paid was $297.50?
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Question 864398
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.What was the interest rate on a 3.5-year, $1000 loan if the simple interest paid was $297.50?
Answer by
rakheekar(2)
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297.50=(1000x3.5xI)/100
I= 8.5%