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dbfadb dbfadb
  • 21-03-2016
  • Mathematics
Answered

Your bank gives you a special loan of $112,000. At the end of 30 years, you will pay the bank $176,400 in simple interest. What is the annual interest rate on your loan?

Verified Answer :

2125drm
2125drm 2125drm
  • 21-03-2016

the annual interest on your loan is 5.25%

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