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Sarah takes out a personal loan from a bank to buy a car. She borrows $18 000 and the bank charges 5% simple interest
Sarah takes out a personal loan from a bank to buy a car. She borrows $18 000 and the bank charges 5% simple interest per year. The loan needs to be paid off in full in 4 years. 13. Accurately calculate the interest on the loan over the four years using the formula: Interest = amount borrowed x interest rate x number of years
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Personal Finance An Integrated Planning Approach
Authors: Ralph R Frasca
8th edition
136063039, 978-0136063032
