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13. Calculate the simple interest on a loan of $8000 at a flat rate of 7% p.a. over 18 months ​

1 Answer

3 votes

Answer: $840 was the interest

Explanation:

Simple interest formula:


Final = Initial Balance * (1+(interest * time))

Where time is in years


8000 * (1+((7)/(100) *(18)/(12))) = 8840

$8840 - 8000 = 840 interest was gained

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