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

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Question:

`____`

A
9%.

explanation

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%

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