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Lelechka [254]
3 years ago
6

Janet's home went to Citizens Bank she borrowed 7000 at a rate of 8% the date of the alone was September 20th Janet Hope to repa

y the alone on January 20th assuming the alone is based on ordinary interest Jenna's will pay back how much interest on January 20th
Mathematics
1 answer:
almond37 [142]3 years ago
6 0
Interest depends a lot on the compounding period.
Since the period is exactly 4 months, we assume
APR=8%
monthly interest=8/12%=0.00666667
Interest due in 4 months
=7000[(1+0.08/12)^4-1]
=7000[0.0269345]
=$188.54
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