abrook22 abrook22
  • 30-09-2018
  • Mathematics
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Annual interest rate

Annual interest rate class=

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altavistard
altavistard altavistard
  • 30-09-2018

The payback amount is A:  A = P*r*t, where r is the interest rate as a decimal fraction.

Then $3,000 = $20,000*r*(4 yrs), or

         $3,000

------------------------ = r = 0.0375

        $80,000

The interest rate was 3.75%.

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