Question: A bank received $10,000.00 today as a final and unique payment for a loan that the borrower took 24 months ago at a 1.5% simple

A bank received $10,000.00 today as a final and unique payment for a loan that the borrower took 24 months ago at a 1.5% simple monthly rate.

  1. [1.0 pt.] What was the principal of that loan?
  2. [1.0 pt.] How much interest did the bank receive?
  3. [1.0 pt.] What compound interest rate per month will produce the same interest as this simple rate?

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