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Katie Chalmers borrowed money from her credit union at 13.2% simple interest to buy furniture. If the loan was repaid in 2½ years and the amount of interest was $1,320, how much did Katie borrow?

  • math -

    Let A = borrowed amount
    then
    A*(0.132)*2.5 years
    = 1320
    A=1320/(0.132*2.5)
    =4000

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