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13 July, 07:07

You borrow $18,000 to buy a new car. You will pay $3,240 in simple interest at the end of 6 years. What is the annual interest rate on your purchase?.

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  1. 13 July, 07:59
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    Simple Interest, I = PRT/100

    3240 = 18 000 * R * 6 / 100

    3240 = 180*R*6

    3240 / (180*6) = R Use your calculator

    3 = R

    The annual interest rate is 3%.
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