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A repair shop took out a 1 - year loan to buy new equipment. The loan was for 1 0 , 0 0 0 ,

A repair shop took out a

1 -

year loan to buy new equipment. The loan was for

10, 000,

but at the end of the year he had to pay a total of

11, 950 .

What was the simple interest rate on the loan?

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