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March 28, 2017

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you borrow $1200 from a bank that bank charges 9.5% simple annual interest. after 15 months you pay back the loan. how much interest do you pay on the loan? what is the total amount that you pay the bank.

  • math - ,

    interest is 1200*0.095*(15/12) = 142.50

  • math - ,

    steve where did you get the (15/12) from?

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