19-12-2016
Mathematics

contestada

Michele borrowed $3,000 for 9 months and paid $168.75 in simple interest on the loan. Find the annual simple interest rate that Michele paid on the loan.

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Aliwohaish12 Aliwohaish12

24-12-2016

I=prt
168.75=3000*9/12 r
R=168.75/2250
R=0.075*100
R=7.5%

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