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Find the simple interes charged on a loan of $26,500 for 8 months at an interest rate of 7%. Show ALL your work or explain

User Xxxmatko
by
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1 Answer

4 votes

Answer:

$1236.67

Explanation:

I = Prt

P = 26500

r = 0.07

t = 8/12 = 2/3

I = (26500)(0.07)(2/3)

I = 1236.67

User Ndech
by
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