Calculate interest rate using percentages
Step 1
Cost of the washing machine: $800
Amount saved: $500
Remaining amount to be financed: $800 - $500 = $300
Loan term: 2 years
Annual interest rate: 12%
Step 2:
Work out 12% of $300
12÷100× 300 = 36
36 ×2 = 72 for 2 years.
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