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If you had a loan for $30,000 at an annual interest rate of 8 percent with a 90-day interest prepayment penalty, what would be the amount of your penalty? a. $200 b. $600
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If you had a loan for $30,000 at an annual interest rate of 8 percent with a 90-day interest prepayment penalty, what would be the amount of your penalty? a. $200 b. $600
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May 16, 2018
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If you had a loan for $30,000 at an annual interest rate of 8 percent with a 90-day interest prepayment penalty, what would be the amount of your penalty?
a. $200
b. $600
Mathematics
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Hyprstack
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The formula is
I=prt
I amount of penalty ?
P loan 30000
R interest rate 0.08
T time 90/360
I=30,000×0.08×(90÷360)
I=600
Hope it helps!
Raghvendra Singh
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May 22, 2018
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Raghvendra Singh
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