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Margo borrows $1400, agreeing to pay it back with 6% annual interest after 16 months. How much interest will she pay?

Sagot :

Given,

The principal amount is $1400.

The rate of interest is 6%.

The time period is 16 months.

Required

The interest paid by Morrow.

The simple interest is calculated as,

[tex]Simple\text{ interest=}\frac{P\times R\times T}{100}[/tex]

Substituting the values then,

[tex]\begin{gathered} S.I=\frac{1400\times6\times16}{100\times12} \\ S.I=14\times2\times4 \\ S.I=56\times2 \\ S.I=112 \end{gathered}[/tex]

Hence, the interest she will pay is $112.

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