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Borrowing $ 1 0 0 from a friend table [ [ Month , table [ [ Balance at ] , [ the ]
Borrowing $ from a friend
tableMonthtableBalance atthebeginning ofthe monthInterest,tableBalance atthe end ofthe month
We change one detail in the example: you still borrow $ from your friend; your friend still charges you in interest per year.
Now your friend wants to calculate the interest and add it to what you owe at the end of each MONTH instead of at the end of each year
a There are months in a year. Determine the MONTHLYinterest rate and enter it below. Do not use a symbol in your response.
b Use the monthly interest rate you found in a to complete the table on the left. Use your calculator.
c Look for a pattern. In words below, describe how to get from an entry in the last column to the entry directly below it Then use this pattern to guess the total amount you owe at the end of the thirteenth month.
Hint: look at your rough work to find the pattern; keep more than two decimal places in your calculations.
You will use this pattern again later.
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