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3. You borrow $220 from a financial institution that charges you a simple interest rate. You agree to pay the loan back with monthly payments

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3. You borrow $220 from a financial institution that charges you a simple interest rate. You agree to pay the loan back with monthly payments of $20, paid at the end of each month for 1 year. What is the approximate value of the rate of simple interest you are being charged? What would the approximate interest rate be if you instead paid back $40 at the end of each month for 6 months

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