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Posted on Oct 05, 2024

Identify the principal , the annual rate of interest , the time , and the future value for each of the following simple interest examples.

A 15-year savings bond at 4% costs $5000. The face value of the bond is $8000.

A credit card with an APR of 24% has a balance of $350. If this balance is not paid, it will increase to $357 on the next monthly statement (ignoring late fees).

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