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Calculate the simple interest rate when P= $3600 , I = $160 and t = 4 months . Round to the nearest hundredth .

Corporate Fin Focused Approach

5th Edition

ISBN:9781285660516

Author:EHRHARDT

Publisher:EHRHARDT

Chapter4: Time Value Of Money

Section4.17: Amortized Loans

Problem 1ST

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Calculate the simple interest rate when P= $3600 , I = $160 and t = 4 months . Round to the nearest hundredth .

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