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OpenStudy (anonymous):
If $300 is borrowed and the interest after 18 months is $36, what is the annual interest rate for a simple interest loan?
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OpenStudy (anonymous):
63%
OpenStudy (anonymous):
8%
OpenStudy (anonymous):
$36 times 2/3 = $24 = 1 years interest $24 divided by 300 = 0.08 = 8%
OpenStudy (anonymous):
thank you so muchhh
OpenStudy (anonymous):
Simple interest just means it doesn't compound.
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