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Kyle Winston Borrowed $4,000 for 90 Days

Question 57

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Kyle Winston borrowed $4,000 for 90 days. At the due date, he paid $75 interest and repaid all of the principal. What was the ordinary simple interest rate (360-day year) that was charged on the loan? (To nearest 1/10 of a percent.)

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R = I ÷ (PT) = $75 ÷...

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