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Suppose you have a credit card debt of $4000. Last month the bank charged you $40 interest on the debt. The solution to the equation 40 \ = (4000)/(12) r represents the annual interest rale, r, on the
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Suppose you have a credit card debt of $4000. Last month the bank charged you $40 interest on the debt. The solution to the equation


40 \ = (4000)/(12)
r represents the annual interest rale, r, on the credit card. Find the annual interest rate on the credit card.​

User Ponting
by
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1 Answer

3 votes

Answer:

1% per month

Explanation:

1% of 4000 is 40

User Vintnes
by
4.1k points
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