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) = 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.
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