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22 October, 17:29

How much interest will have to be paid on a loan of $10,138 for 7 months at a simple interest rate of 13.3% per year?

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  1. 22 October, 19:22
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    1) 1 year interest is 10138 * 0.133 = $1348.354

    2) 7 months is 7/12 part of the year

    3) 7/12 x 1348.354 = about $786.54

    about $786.54
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