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21 June, 07:31

Find simple interest on a $27500 loan over 64 months at 3.25% annually

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  1. 21 June, 10:19
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    I=PRT

    P=principal=present amount

    R=rate

    t=time in years

    12months per year

    64/12=5 and 1/3 year

    I=27500 times 0.0325 times 5.333333333

    I=5236

    interest=$5236
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