You buy an oven for $1500 on March 20,2013.The store gives you 4 months "interest free",so on July 20,2013 you must pay the $1500.However,the store charges an administration fee of $75,which must be paid up front when you buy the oven (March 20,2013).What rate of simple interest,r,are you being charged for this "interest free" plan?

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The Answer of You buy an oven for $1500 on March 20,2013.The store gives you 4 months "interest free",so on July 20,2013 you must pay the $1500.However,the store charges an administration fee of $75,which must be paid up front when you buy the oven (March 20,2013).What rate of simple interest,r,are you being charged for this "interest free" plan?

You Buy an Oven for $1500 on March 20,2013