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Annual interest rate
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Annual interest rate

Annual interest rate-example-1
User Evgeny Borzenkov
by
7.3k points

1 Answer

5 votes

The payback amount is A: A = P*r*t, where r is the interest rate as a decimal fraction.

Then $3,000 = $20,000*r*(4 yrs), or

$3,000

------------------------ = r = 0.0375

$80,000

The interest rate was 3.75%.

User Xiao Luo
by
8.2k points
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