Concept explainers
To find: the simple interest rate for the loan.
Answer to Problem 39STP
The simple interest rate is 0.10 or
Explanation of Solution
Given information:
Beatriz borrowed $1500 for student loans, she will make 30 equal monthly payments of $62.50 to pay off the loan.
Calculation:
First find the amount of interest she will pay
The principal is $1500. So
Hence, the simple interest rate is 0.10 or
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