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Daniel White Borrowed $5,000 for 80 Days

Question 56

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Daniel White borrowed $5,000 for 80 days. At the due date, he paid $70 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) = $70 ÷...

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