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Sue bought a six-month CD for 

$6000. She said that at maturity it paid $225.00 in interest. Assume that this was simple interest, and determine the APR.

 Apr 15, 2022
 #1
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What does APR mean??

 Apr 15, 2022
 #2
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APR stands for Annual perscentage rate.     

 

Its simple interest and 6 months so I assume that is  $450 interest per year.

 

450/6000 *100 %  =   7.5%

Melody  Apr 15, 2022

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