If $12,700 was borrowed at 10.5% simple interest. How much will the interest be for 5 years?

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If $11,200 which was borrowed at an annual interest rate for 17% must be repaid in 6 months.What is the total amount to be paid at the end of 6 months?

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Personal Finance Turning Money into Wealth

ISBN: 978-0134730363

8th edition

Authors: Arthur J. Keown

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Posted Date: May 18, 2023 03:40 AM

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If $12,700 was borrowed at 10.5% simple interest. How much will the interest be for 5 years?

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Expert Answer:

To calculate the interest for the first scenario we can use the simple interest formula Interest Pri... View the full answer

Personal Finance Turning Money into Wealth

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