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11-12-2015
Mathematics

Answered

An X-ray machine for animals costs$125,000. If the loan is for 10 years, an the interest paid is $65,625, what is the interest rate on the loan

Verified Answer :

12-12-2015

The answer is 5.25%.

$65,625/10yrs=$6,562.50 per a year.

6,562.5/125000= .0525 which translates to 5.25%.

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