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If you borrow $700 for one year at an interest rate of 8% p.a, how much interest will you pay every month?
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2 votes
If you borrow $700 for one year at an interest rate of 8% p.a, how much interest will you pay every month?

User Iyanna
by
8.0k points

1 Answer

2 votes

Answer:

$4.7 (approx)

Explanation:

Simple interest = (principle * time * rate) / 100

User Gsc
by
7.9k points
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