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Simple Interest Formula: A = P(1 + rt) Compound Interest Formula: A = P(1 + i)" 1. (5%) When "trading up," homeowners sometimes have to buy a new house before they sell their old house. One way to cover the costs of the new house until they get the proceeds from selling the old house is to take out a short-term bridge loan. Suppose a bank charges 12% simple annual interest on such a loan. How much will be owed at the end of a 90-day bridge loan of $90,000