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1 September, 00:18

The wet dog surf company borrows $32,000 for 4 months and will pay $1,120.00 interest. calculate wet dog's annual percentage interest rate (apr) (rounded to two decimal places).

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  1. 1 September, 03:15
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    The formula is

    I=prt

    I interest paid 1120

    p principle 32000

    T time 4/12

    R annual percentage interest rate?

    Solve for r

    R=I:pt

    R=1,120: (32,000 * (4:12))

    R=0.105*100

    R=10.5%
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