My cousin borrowed $15,000 for a new car loan for 5 years. He told me that at the end of the loan, he had paid $21,000 for the interest and principal. What was the rate of the loan?

The rate of the loan was 1.4%

Step-by-step explanation:

Set up Equation:

$15,000n = $20,000

Substitute Variable

n = 1.4

Check

1.4% x $15,000 = $20,000

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step-by-step explanation:

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