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majarm majarm
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6 years ago
If Inez is charged an interest of $42.95 on a loan of $950.00 for seven months, calculate the rate of interest charged on the loan.
Textbook 
Contemporary Business Mathematics with Canadian Applications

Contemporary Business Mathematics with Canadian Applications


Edition: 11th
Authors:
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wrote...
6 years ago
I = 42.95; P = 950; t = 
r =   = 0.0775 = 7.75%
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