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Ralph borrows $360 at 0.7% simple interest per month. When Ralph pays the loan back 3 months later, how much interest does Ralph pay?
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Ralph borrows $360 at 0.7% simple interest per month. When Ralph pays the loan back 3 months later, how much interest does Ralph pay?

User Ellbar
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1 Answer

4 votes
The interest he pays is $756, the total he pays is $1,116, but only $756 of that is the interest.
User Saeed Shamloo
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