thegamingwolf0502 thegamingwolf0502

26-10-2019
Mathematics

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A man borrowed $3600 for one month at an annual rate of 5%. How much interest did he owe?

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bayosanuade bayosanuade

26-10-2019

Answer: $15

Step-by-step explanation:

[tex]\\[/tex]Using the formula for calculating interest

[tex]\\[/tex]I = PTR/100

[tex]\\[/tex]Since it was borrowed for 1 month , the time will be expressed in years , which is 1/12

[tex]\\[/tex]so, I = 3600 x 1/12 x 5

[tex]\\[/tex] = $15

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