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24 July, 12:52

Alexia took out a 12-year loan for $72000 to renovate her home. If her monthly payments are $680, what is the interest rate?

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  1. 24 July, 14:52
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    intrest equation

    I/PT = R

    $680 / $72,000 x 12 years = R

    $680 / $864,000 = R

    7.8703 = R

    or rounded 8%
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