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4 May, 08:38

An X-ray machine for animals costs$125,000. If the loan is for 10 years, an the interest paid is $65,625, what is the interest rate on the loan

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  1. 4 May, 10:13
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    The answer is 5.25%.

    $65,625/10yrs=$6,562.50 per a year.

    6,562.5/125000 =.0525 which translates to 5.25%.
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