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Asked by Tony

Charlie is due a refund of $800. If he wants to receive his money 2 months early then he must pay a $50 fee. What is the annual simple interest rate?

11 years ago

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Answered by Ms. Sue
I=PRT

50 = 800 * R * 0.1667

50 = 133.3334R

0.374 = 37.4% = R
11 years ago
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Charlie is due a refund of $800. If he wants to receive his money 2 months early then he must pay a $50 fee. What is the annual simple interest rate?

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