A farmer borrowed $7200 for 3 months at 10% interest. How much interest will the farmer pay on the loan?

1 answer:

8 0

He will pay the 10% of $7200, and that is calculated like so:
(10%)(7200)
= (10/100)(7200)
= (1/10)(7200)
= 720
therefore he will pay $720

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