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7 June, 12:09

A farmer borrowed $7200 for 3 months at 10% interest. How much interest will the farmer pay on the loan?

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  1. 7 June, 13:07
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    He will pay the 10% of $7200, and that is calculated like so:

    (10%) (7200)

    = (10/100) (7200)

    = (1/10) (7200)

    = 720

    therefore he will pay $720
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