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MODELING REAL LIFE You borrow $1300 to buy a telescope. What is the monthly payment?
10
11.8% Simple Interest
Equal monthly
payments for 2 years
The monthly payment is $.
First you multiply the Principle (1300) Rate (in decimal form which is 0.118) Time (2 years = 24 months). 1300(0.118)(2) = 306.8 add principle (1300) = $1606.8 divide by 2 years in month form (24) = $66.95
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