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15 February, 10:34

A store offers customers two ways to pay for a new TV. Option 1 : Pay $1,500 today. Option 2 : Pay nothing today, and take out a simple interest loan to pay a total of $1,650 one year from now. What is the simple interest rate on the loan in option 2?

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  1. 15 February, 11:34
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    1650:1500 = 1.1% is the rate, to check we do 1500*1.1=1650
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