Sam borrows from the bank $12,000 to buy a car paying in simple interest $ 2,844 per year. Sam paid the loan in 3 years, what is the annual interest rate on the loan?

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Neuronaut asked Oct 27, 2022

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Sam borrows from the bank $12,000 to buy a car paying in simple interest $ 2,844 per year. Sam paid the loan in 3 years, what is the annual interest rate on the loan?

Mathematics
high-school

Neuronaut asked Oct 27, 2022

by Neuronaut

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22 votes

Answer:

3,468

Explanation:

i multiplied 2,844 by 3 and got 8,532 i then subtracted that from 12,000 and got 3,468

Chakreshwar Sharma answered Oct 31, 2022

by Chakreshwar Sharma

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