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29 September, 11:11

Linda Young opened up a computer service company. To pay for start up cost Linda borrowed $79,000 from a bank at 15% for 1 year. Find the interest for the year

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  1. 29 September, 14:57
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    Interest=Principal*Rate*Time

    I=PRT/100

    I = 79000*15*1

    100

    I = 1185000

    100

    I = $11850

    To confirm

    11850/79000 : 100

    = 0.5 * 100

    = 15% (rate)
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