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Posted by on Tuesday, March 8, 2011 at 11:55pm.

joe borrows $4,000, the loan is for 18 months at 5% interest, whats the total amount due on the loan?

  • math - , Wednesday, March 9, 2011 at 7:55am

    The simple interest rule is:
    Amount due
    =Principal * (1+rate*period)

    =4000 * (1+0.05*1.5)
    =4300

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