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OpenStudy (anonymous):
Nestor borrows $10,000 from the shady loan shark, Mr. Wildcat. Mr. Wildcat tells him he must repay the loan in 1 month and pay an additional $1000 in interest. If Mr. Wildcat is charging simple interest on his loan, what is the annual interest rate?
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OpenStudy (anonymous):
interest for a month is 1000/10,000=10% then annual interest rate is 10%*12=120%
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