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What was the duration of the loan

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Reference no: EM131622932

Question: 1. Jake McAnally needed money for college. He borrowed $6,000 at 12% simple interest per year. If he paid $360 interest, what was the duration of the loan?

2. Keaton Smith borrowed $25,000 to purchase stock for his baseball card shop. He repaid the simple interest loan after three years. He paid interest of $6,750. What was the interest rate?

Reference no: EM131622932

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