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Manuel borrowed $1,500 from his bank and signed a contract to make monthly payments for one year at a monthly simple interest of 15%. How much total interest will Manuel pay on this loan?
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Manuel borrowed $1,500 from his bank and signed a contract to make monthly payments for one year at a monthly simple interest of 15%. How much total interest will Manuel pay on this loan?

User RabidFire
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1 Answer

3 votes
The total interest that Manuel will pay on the loan is $225
User Yorkshireman
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