Answered: Moira borrowed $3,500 from her…

Moira borrowed $3,500 from her grandfather to pay for her first year of college. Four years later, she repaid the loan plus $1,100 interest. What was the annual rate of interest?

Intermediate Algebra

19th Edition

ISBN:9780998625720

Author:Lynn Marecek

Publisher:Lynn Marecek

Chapter2: Solving Linear Equations

Section2.2: Use A Problem Solving Strategy

Problem 2.52TI: Loren lent his brother $3,000 to help him buy a car. In four years, his brother paid him back the...

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Question

Moira borrowed $3,500 from her grandfather to pay for her first year of college. Four years later, she repaid the loan plus $1,100 interest. What was the annual rate of interest?

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