You purchase a new guitar and take out a loan for $450. You have 18 equal monthly payments of $28 each. What is the simple interest rate for the loan? Round to the nearest tenth of a percent, if necessary.

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asked Dec 7, 2018 172k views

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Mathematics
middle-school

Luke Irvin asked

by Luke Irvin

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18*28/450=1.12
(1.12-1)*100=12%
Simple interest rate of the loan is 12%

Billmaya answered Dec 13, 2018

by Billmaya

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