James borrows $4200 to pay his college tuition. He signs a 5 year simple interest loan. If the monthly payments are $78.40, what is the interest rate on the loan?

A) 2%

B) 2.4%

C) 3%

D) 3.2%

Question

Donovan Rodriguez

28 October, 14:06

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Brendon Conway · Answer 1

Brendon Conway 28 October, 17:29

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The interest rate should be C 3%

James borrows $4200 to pay his college tuition. He signs a 5 year simple interest loan. If the monthly payments are $78.40, what is the interest rate on the loan?A) 2%B) 2.4%C) 3%D) 3.2%