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A Loan of $15,000 Was Repaid as Follows: $8000 in 4

Question 42

Multiple Choice

A loan of $15,000 was repaid as follows: $8000 in 4 months,$150 in 6 months and a payment of $X in 9 months which will fully pay off the loan.If the rate of simple interest on the loan is 10%,what is the value of X according to the Merchant's rule?


A) $7637.92
B) $7641.67
C) $7661.88
D) $7700.83

Correct Answer:

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