slove201 slove201

03-07-2018
Mathematics

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a radiology student borrow 4500 at an annual rate of 8.5% for 1 year what is the simple interest per month on this loan

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mathmate mathmate

03-07-2018

Simple Interest
= Pit (P=principal, i=annual interest rate, t=time in years)
= 4500*0.085*(1/12)
= $31.875
= $31.88 (to the nearest cent)

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