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Author Question: The interest earned on a $6000 investment was $240. What was the term in months if the interest rate was 6%? (Read 181 times)

AEWBW

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Question 1

Interest of $429.48 was charged on a loan of $9500 over a period of 7 months. What simple rate of interest was charged on the loan?
◦ 2.64%
◦ 4.52%
◦ 3.48%
◦ 4.38%
◦ 7.75%

Question 2

The interest earned on a $6000 investment was $240. What was the term in months if the interest rate was 6%?
◦ 9 months
◦ 12 months
◦ 7 months
◦ 8 months
◦ 4 months


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Marked as best answer by AEWBW on Jun 6, 2019

T4T

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