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24-04-2021
Mathematics

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sqdancefan sqdancefan

24-04-2021

9514 1404 393

Answer:

9%

Step-by-step explanation:

The interest earned is ...

I = Prt . . . . . principal P at annual rate r for t years

Solving for r, we find ...

r = I/(Pt) = $540/($3000×2) = 0.09 = 9%

The interest rate on Beka's loan is 9%.

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