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$328.85 Derek the contractor took out a loan to purchase lumber for one of his projects. He ended up paying $328.85 in interest over
$328.85 Derek the contractor took out a loan to purchase lumber for one of his projects. He ended up paying $328.85 in interest over an 11-month period. If the interest rate on the loan was 9.5%, how much did he end up spending on lumber? What was the principal amount of the loan?
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Core concepts of accounting information systems
Authors: Jacob M. Rose, Mark G. Simkin, Carolyn Strand Norman
13th edition
978-1-119-0332, 1118742931, 978-1118742938
