Lily took out a 5-year loan from the bank for $31,000 to purchase a new car. At the end of the loan, she had paid a total of $37,975. Find the interest rate on the loan.
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Step-by-step explanation:
Principle = Rs 31000
Time = 5 years
Amount = Rs 37975
Rate = ?
A = P+I
37975=31000+(31000×5×R)÷100
37975-31000=3100×5×R
6975÷1550 = R
R = 4.5
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Answer:
The rate of the loan is 4.5%.
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