Question: Please provide a detailed solution on paper. I got 6.99% A loan of $1980 can be repaid in 145 days by paying the principal sum

Please provide a detailed solution on paper. I got 6.99%

A loan of $1980 can be repaid in 145 days by paying the principal sum borrowed plus $55 interest. What was the rate of interest charged? The interest rate is 1% (Round the final answer to two decimal places as needed. Round all intermediate values to six decimal places as needed.)

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