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12 November, 20:16

You lend $240 to your friend. He pays you back $30 in interest in one year. What interest

rate did you charge your friend?

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Answers (1)
  1. 13 November, 00:12
    0
    Answer: 12.50%

    Step-by-step explanation: Lets use an equation find the the interest rate.

    30 = p x 240

    30/240 = p x 240/240

    0.125 = p

    Multiply 0.125 by 100 to get the interest rate. 0.125 x 100 = 12.5

    12.5% = p
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