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Simple interest for buying a passenger transit

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The simple interest for buying a passenger transit rail is shown as the product of the principle amount (P), time (in years), and annual rate (R). The City of Phoenix plans to buy five additional mass transit cars for $15 million, and pay off its loan in 30 years. What would the annual percentage rate be if the city plans to make an interest payment of $2 million?

Reference no: EM131326391

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