4. Karen borrows $2000 to buy a new Mac. She repays the loan 18 months later in the amount of $2400. What annual rate of simple interest was Karen charged?
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Step 1
The total amount repaid by Karen is $2400, and the principal amount borrowed is $2000. Therefore, the total interest paid is: \[ \text{Total Interest} = \text{Total Repaid} - \text{Principal} = 2400 - 2000 = 400 \] Show more…
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