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2. Find the simple interest rate for a loan where $500 is borrowed and the amount owed after 8 months is $600. This is

2. Find the simple interest rate for a loan where $500 is borrowed and the amount owed after 8 months is $600. This is a simple interest problem where you are solving for the simple interest rate or r. You can use Equation and solve for r. If I = Prt,

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