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You buy a stove for $1500 on February 20. The store gives you 4 months interest free, after which you must pay the $1500. However,

You buy a stove for $1500 on February 20. The store gives you 4 months interest free, after which you must pay the $1500. However, the store charges an administration fee of $50, to be paid today. What rate of simple interest, r, are you being charged for this interest free plan? The answer is 10.49% according to my prof, but i dont know how to get it

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