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1 April, 06:51

Michele borrowed $3,000 for 9 months and paid $168.75 in simple interest on the loan. Find the annual simple interest rate that Michele paid on the loan.

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  1. 1 April, 09:55
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    I=prt

    168.75=3000*9/12 r

    R=168.75/2250

    R=0.075*100

    R=7.5%
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