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19 October, 08:51

Lenore borrowed $400 to pay for car repairs. She needs to pay it back in 2 years with simple interest. Lenore wants to figure out the interest rate of her loan. What additional information does she need to find the interest rate?

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Answers (2)
  1. 19 October, 09:04
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    First you have to divide 400 by 2. That gives you 200

    The simple interest is $200
  2. 19 October, 10:50
    0
    R=i/400*2

    She needs the total interest paid

    Or the future value of that amount
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