OpenStax, Contemporary Mathematics §6.3 Simple Interest · Example 2 · Arithmetic · Money & interest
Simple Interest · Example 2
Riley runs an auto repair shop, and needs to purchase a new brake lathe, which costs $11,995. She takes out a two-year, simple interest loan at an annual interest rate of 14.9%. How much interest will she pay and how much total will she repay on the loan?
OpenStax, Contemporary Mathematics · §6.3 Simple Interest · Example 2
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