URGENT PLEASE: You purchase a new guitar and take out a loan for $450. You have 18 equal monthly payments of $28 each. What is the simple interest rate for the loan? Round to the nearest tenth of a percent, if necessary.
Step-by-step explanation: The amount repaid is ... A = P(1 +rt) Filling in the given values, we can find r. (18·28) = 450(1 +r(18/12)) . . . . . t is in years 504 = 450 + 675t
