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Question:

Marta borrowed $25,000 on a straight note. In eight months, she paid $1,500. What was the interest rate ____

A 9%.
Explaination

This question calls for an interest rate calculation using the following formula: Interest = Principal x Rate x Time (I = PRT).
$1,500 = $25,000 x R x 8/12
1,500 = 25,000 x R x 0.667
1,500 = 16,667 x R
1,500 / 16,667 = (16,667 x R) / 16,667
0.09 = R or 9%