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    Contemporary Business Mathematics Study Set 1
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    Exam 7: Simple Interest
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    Alex Borrowed $7500 to Buy a Car
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Alex Borrowed $7500 to Buy a Car

Question 91

Question 91

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Alex borrowed $7500 to buy a car. If interest is charged on a loan at 8.5%, how much interest would he have to pay in 120 days.

Correct Answer:

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P = $7 500; r= 0.085...

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