Assume you borrowed $4730 from a friend 6 years ago. Recently, you paid back a total of $5580 in principal and interest. What is the interest rate (annual) you paid on the loan (provide your answer in percentage with two decimal places)?
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To find the total interest paid, subtract the principal amount from the total amount paid: Total interest paid = Total amount paid - Principal amount Total interest paid = $5580 - $4730 Total interest paid = $850 Show more…
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