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Loan Amount: $13,000 Method of payment: discount basis Amount of Interest: $625 Term of loan: 1 year Effective Rate of Interest (to the nearest tenth) = _____. 4.8 5.1 20.8 57.7

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Matheng
Loan Amount: $13,000
Method of payment: discount basis
Amount of Interest: $625
 Term of loan: 1 year

∴ Rate if interest = [tex] \frac{Amount \ of \ Interest}{Loan \ Amount} *100[/tex]
[tex]Rate = \frac{625}{13,000} *100 = \framebox {4.8 \%}[/tex]

So, the correct answer is option (1) 4.8

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