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Jamerra received a $3,000 car loan.

She plans on paying off the loan in 2 years. At the end of 2 years...

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Jamerra received a $3,000 car loan.

She plans on paying off the loan in 2 years.
At the end of 2 years, Jamerra will have paid $450 in interest.
What is the simple interest rate on the car loan?

Answer

The interest should be 15% over 2 years.
450/3000=0.15

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Virtual Teaching Assistant: John B.
Question Level: Basic
Karma: Free
Upload Date: 5/31/2017

This 39 words question was answered by John B. on StudySoup on 5/31/2017. The question contains content related to Math Since its upload, it has received 472 views.

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