Assuming you were charged simple interest on a loan of $4,900 which requires you to repay in one year $5,292, what rate of interest would you be charged? (Round interest rate to the nearest hundredth percent if necessary.)
A) 9.26%
B) 8%
C) 7.41%
D) 11%
Answer: B
Explanation: B) ($5,292 - $4,900)/$4,900 = 8%
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