math

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Paul borrowed $2,000 for four months at an annual interest rate of
10.25%. How much must he repay at the end of four months?

  • math -

    Principal plus interest after four months is:
    $2000 + (4/12)*(0.1025)*(2000)
    = $2068.33

    It could be a bit more if monthly interest was being added to prinipal due. There could also have been late payment penalties. A loan that requires no payment for 4 months is unusual.

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