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15 February, 13:11

John bought a TV that had a list price of $800. He agreed to a payment plan of 12 monthly payments at $80 per month. what is the simple interest rate?

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  1. 15 February, 13:45
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    The formula for finding rate is R = (I*100) / PT where I is simple interest (800) is principal R is rate and T is time (12 months=1 year) so R = (80*100) / (800*1) = 8000/800=10% so rate is 10%
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