Essay
You plan to borrow $2,000 in order to take a vacation and want to repay the loan in a year. The banker offers you a simple interest rate of 12% with repayments in equal installments six months and twelve months from now. What is your total interest bill?
Correct Answer:
Verified
The formula is:
I - Pxrxt
I = $2,000 x 0...View Answer
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Correct Answer:
Verified
I - Pxrxt
I = $2,000 x 0...
View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
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