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Kaylee obtains a loan with simple interest to buy a car that costs $8,500. If Kaylee pays $1,020 in interest during the four-year term of the loan, what was the rate of simple interest?
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Kaylee obtains a loan with simple interest to buy a car that costs $8,500. If Kaylee pays $1,020 in interest during the four-year term of the loan, what was the rate of simple interest?

User Himanshu Tanwar
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4 votes

Answer:

The rate is 3 percentage

User Aaron Wells
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