Question
A loan of $1,000 is made on July 1 and will be repaid with interest two months later on September 1. Interest is calculated using
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A loan of $1,000 is made on July 1 and will be repaid with interest two months later on September 1. Interest is calculated using the banker's rule, and it is a simple interest rate of 20% per year. What will be the total interest paid?
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Reforming The Governance Of The Financial Sector
Authors: David Mayes , Geoffrey Wood
1st Edition
0415686849, 978-0415686846
