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OpenStudy (anonymous):
five years ago, jay borrowed $1500 from his mother. he agreed to pay $150 in interest. what is the simple annual intrest rate for this loan?
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OpenStudy (anonymous):
thanks :)
OpenStudy (anonymous):
If interest paid is $150 per year then 10% Simple interest. If $150 over period of 5 years then 2%.
OpenStudy (anonymous):
Anytime.
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