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Samuel's simple interest loan carried an annual rate of:
A71.33 per cent
B31.73 per cent
C17.33 per cent
D13.73 per cent
Answer & Solution
Correct answer: C. 17.33 per cent
1. He borrowed $8,400 for factory repairs.
2. The loan was to be paid after six months.
3. The rate was 17.33 per cent.
_Source: OpenStax, Contemporary Mathematics, Ch 6 'Money Management'_
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