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Dmitry_Shevchenko [17]
2 years ago
15

Need help , asap - 20 points .

Mathematics
1 answer:
Olin [163]2 years ago
4 0

Answer:

C

Step-by-step explanation:

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  • c) $22.50

Explanation:

<u>1. Calculate the monthly interest owed during year 1</u>

<u />

  • <em>Interest for first year: 8%</em>

  • The monthly rate is the yearly rate divided by 12: 8% / 12 = 0.08/12

  • The monthly interest owed is the monthly rate times the balance: (0.08/12)×$1,800 = $12.00

<u>2. Calculate the monthly interest owed during year 2</u>

<u />

  • <em>Interest for second year: 23%</em>

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