On Aug 27, 2023, Sharmaine took out a $10,000 demand loan at 3.1% simple interest. On Oct 29, 2023, the interest rate changed to 2.3% simple interest and on December 31, 2023, the interest rate changed to 2.7%. Sharmaine repaid the loan on January 3, 2024. How much interest did Sharmaine pay on the loan?  

Answer rating: 100% (QA)

To calculate the total interest paid on the loan by Sharmaine we need to consider the different inte... View the full answer