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3. You are charged $120 in simple interest on a 9-month loan of $5000. Find the annual simple interest rate. (3pts) t Solution: Explanation of

3. You are charged $120 in simple interest on a 9-month loan of $5000. Find the annual simple interest rate. (3pts) t Solution: Explanation of Error(s): Correct Work and Solution: =ert Sooo..9 120=5000kn 0.004=rX9112 3.2010 = 4Sooor 45000 0.00267

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