1954 AHSME Problems/Problem 33
A bank charges for a loan of . The borrower receives and repays the loan in easy installments of a month. The interest rate is approximately:
Solution
The borrower pays in a single year for a loan of . This means that the bank charges an interest of for a loan of over a single year, so that the annual interest rate is percentage points. Therefore, our answer is $\boxed{\text{(A)}$ (Error compiling LaTeX. Unknown error_msg) and we are done.
See Also
1954 AHSC (Problems • Answer Key • Resources) | ||
Preceded by Problem 32 |
Followed by Problem 34 | |
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