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Four years ago, Spencer borrowed money from his cousin who charged him simple interest. If Spencer paid his cousin back $62, what was the interest rate? Could you have figured this out if the interest
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Four years ago, Spencer borrowed money from his cousin who charged him simple interest. If Spencer paid his cousin back $62, what was the interest rate? Could you have figured this out if the interest rate was compounded instead?​

User Hugo Matilla
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1 Answer

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Answer: Municipal Bank will charge him 8% simple interest

Explanation:

User SND
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