# The cost of a loan for $294 over one year is $8.82. What was the rate on the loan?

Rate of Interest

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The rate on the loan can be calculated using the formula:

[ \text{Rate} = \frac{\text{Interest}}{\text{Principal} \times \text{Time}} ]

Given: Principal (P) = $294 Interest (I) =$8.82 Time (T) = 1 year

Using the formula:

[ \text{Rate} = \frac{8.82}{294 \times 1} ]

[ \text{Rate} = \frac{8.82}{294} ]

[ \text{Rate} = 0.03 ]

Converting to a percentage:

[ \text{Rate} = 0.03 \times 100% = 3% ]

So, the rate on the loan was 3%.

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When evaluating a one-sided limit, you need to be careful when a quantity is approaching zero since its sign is different depending on which way it is approaching zero from. Let us look at some examples.

When evaluating a one-sided limit, you need to be careful when a quantity is approaching zero since its sign is different depending on which way it is approaching zero from. Let us look at some examples.

When evaluating a one-sided limit, you need to be careful when a quantity is approaching zero since its sign is different depending on which way it is approaching zero from. Let us look at some examples.

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