A home builder obtained a preconstruction loan of $50,000 for 8 months at an annual interest rate of 9.5%. What is the simple in
terest due on the loan?
1 answer:
Annual interest
50000 * (9.5 / 100)
4750
Interest for 12 months = 4750
Interest for 8 months
(4750/12) * 8
$ 3166.67
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