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ryzh [129]
2 years ago
9

Pace Co. borrowed $10,000 at a rate of 7.25%, simple interest, with interest paid at the end of each month. The bank uses a 360-

day year. How much interest would Pace have to pay in a 30-day month?
Business
1 answer:
mars1129 [50]2 years ago
8 0

Answer:

Explanation:

Amount of interest need to paid is 30 day month

= 10000×(1.075)×30/360 = 60.42

Simple interest formula is

Interest for year is = 10000×7.5% = 750

Per month is = 750×30/360 = 60.42

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