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18 August, 12:08

If you borrowed $1,000 with an interest rate of 14.5% over 12 months, what is your total cost to borrow?

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Answers (2)
  1. 18 August, 13:06
    0
    The Simple Interest Formula is I = Prt

    I = ?

    P = $1,000

    r = 14.5% = 0.145

    t = 1 year

    I = 1000 (0.145) (1)

    I = $145

    Your total cost to borrow is $145
  2. 18 August, 14:31
    0
    I dont have a calculator, but 1000 (1 plus. 145) ^12 ... I guess
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