Kevin borrows $7100 on January 1 for one year interest is calculated annually. He does not have to make any monthly payments but he hast to repay the entire 1 interest on December 31 of the same year if the loan has annual interest rate of 10% what I'm not with Kevin have to repay on December 31?

Answer rating: 100% (QA)

The interest on the loan can be calculated using the simple interest formula textInterest ... View the full answer