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Patty wanted to borrow $20,000 for school. The interest rate is 6%. She wants to pay off the loan in 10 years. What would be the simple interest rate?
To solve, use the PRT formula to find the interest rate.
Notes: Base formula, written as I = Prt or I = P × r × t where rate r and time t should be in the same time units such as months or years. Time conversions that are based on day count of 365 days/year have 30.4167 days/month and 91.2501 days/quarter.
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