15. James borrows $4,200 to pay his college tuition. He signs a 5-year simple interest loan. If the monthly payments are $78,40, what is the interest rate on the loan?

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asked Apr 12, 2021 168k views

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15. James borrows $4,200 to pay his

college tuition. He signs a 5-year
simple interest loan. If the monthly
payments are $78,40, what is the
interest rate on the loan?

Mathematics
middle-school

Claydiffrient asked

by Claydiffrient

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1 Answer

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Answer:

interest rate is 0.0186666666666667

1.86666666666667%

Explanation:

CodingCat answered Apr 17, 2021

by CodingCat

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