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Use the Exact Interest Method to Find the Rate of Interest

Question 151

Multiple Choice

Use the exact interest method to find the rate of interest that Veldez Decks pays on a loan of $9,000 for 354 days, if the amount of interest is $489.50. (Round your answer to the nearest tenth percent)


A) 6.1%
B) 5.6%
C) 4.9%
D) 5.4%

Correct Answer:

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