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Calculate interest rate using percentages

Updated: Aug 5, 2023


Simple interest word problems GCSE Exam style questions
Interest and Percentages

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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