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3 June, 00:41

James borrows $4200 to pay his college tuition. He signs a 5 year simple interest loan. If the monthly payments are $78.40, what is the interest rate on the loan?

A) 2%

B) 2.4%

C) 3%

D) 3.2%

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Answers (1)
  1. 3 June, 02:02
    0
    The interest rate should be C 3%
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