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What was the annual simple interest rate on the loan

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Question a. Sophie lent $2,600 at a simple interest rate of 3.50% p.a. to her friend on July 04, 2013. Calculate the amount of interest Sophie's friend had to pay on February 13, 2014.

Question b. Liz held a loan of $1,700 for 9 months and was charged interest of $100.73. What was the annual simple interest rate on this loan?

Reference no: EM132601963

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