Lily took a loan of $1200 with simple interest for as many years as the rate of interest. If she paid $432 as interest at the end of the loan period, what was the rate of interest
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Answer:
divide
Step-by-step explanation:
divide 1200 by 432 and the answer is here
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sax
SI = $432
P = $1200
rate = x
time = x
= 432 = t×p×r / 100
= 432 = x × 1200 × x / 100
= 432 = x × 12 × x
= 432 = 2x × 12
= 432/12 = 2x
= 6 = 2x
= 6 ÷ 2 = x
= 3 = x
The rate of interst is 3%
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