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?
            
            
        Answers
                    Answered by
            Ms. Sue
            
    I=PRT
50 = 800 * R * 0.1667
50 = 133.3334R
0.374 = 37.4% = R
    
50 = 800 * R * 0.1667
50 = 133.3334R
0.374 = 37.4% = R
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