The principal p is borrowed and the loans future value a at


The principal P is borrowed and the loan's future value, A, at time t is given. Determine the loan's simple interest rate, r, to the nearest tenth of a percent.

P = $4,600.00, A = $4,824.25, t = 9 months

 

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Finance Basics: The principal p is borrowed and the loans future value a at
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