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18 July, 10:39

Lenore borrowed $400 to pay for car repairs. She needs to pay it back in 2 years with simple interest. Lenore wants to figure out the interest rate of her loan. What additional information does she need to find the interest rate?

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  1. 18 July, 11:55
    0
    R=i/400*2

    She needs the total interest paid

    Or the future value of that amount
  2. 18 July, 12:23
    0
    First you have to divide 400 by 2. That gives you 200

    The simple interest is $200
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