You borrow ($495) from your brother-in-law to buy an iPad and agree to pay it back when
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You borrow \($495\) from your brother-in-law to buy an iPad and agree to pay it back when you get your tax refund (6 months away). Because you are family, but not trusted, you are being charged simple interest at the rate of 6% per month. How much will you owe after 6 months?
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