<PRE><B>Question 569359</B>
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*[tex \LARGE \ \ \ \ \ \ \ \ \ \ 237.03\ \times\ 36\ =\ 8533.08]


is the total of payments on an indebtedness of 7000, so the total interest paid was $1,533.08.  The total interest was paid over a period of 3 years, so the amount of interest paid per year is $511.03.  Simple interest rate is the interest paid per year divided by the total indebtedness.


*[tex \LARGE \ \ \ \ \ \ \ \ \ \ \frac{511.03}{7000}\ =\ 0.073\ =\ 7.3%]


John
*[tex \LARGE e^{i\pi} + 1 = 0]
My calculator said it, I believe it, that settles it
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