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d. independent the sum of $12,000 is borrowed and the debtor is obligated to pay the creditor $900 foreach year the loan is in existence, then, the simple interest is most nearly 14 ed out of Select one: a. 75% b. 13.33% c. 5.0% d. 10.0% (
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Answer #1

The rate of simple interest is the ratio of interest amount to borrowing amount by a multiplication of 100.

Rate of simple interest = (Interest amount / Borrowing amount) × 100

                                     = ($900 / $12,000) × 100

                                     = 7.5%

Ans. Option a

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