Larry has taken out a $600 loan with a 12 percent interest rate to buy a laptop computer. He needs to repay the loan by the end of two years. He will be paying $28.24 every month for two years. What kind of interest rate is Larry being charged? Explain the reasons for your answer.
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Home » Mathematics » Larry has taken out a $600 loan with a 12 percent interest rate to buy a laptop computer. He needs to repay the loan by the end of two years. He will be paying $28.24 every month for two years.