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A 60-day loan for $1,200 has interest of $80. Find the rate to the nearest tenth of a percent. 1.6% 40% 4% 16%
A 60-day loan for $1,200 has interest of $80. Find the rate to the nearest tenth of a percent. Taking 360 days in a year . 1200*60/360*r/100 = 80 2r = 80 r = 40%
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Asked 12/29/2014 4:39:46 AM
Updated 12/29/2014 5:16:15 AM
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A 60-day loan for $1,200 has interest of $80. Find the rate to the nearest tenth of a percent.

Taking 360 days in a year .

1200*60/360*r/100 = 80

2r = 80
r = 40%
Added 12/29/2014 5:16:15 AM
This answer has been confirmed as correct and helpful.
Rated good by debnjerry, Confirmed by debnjerry [1/3/2015 5:26:46 PM]
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