Simple Interest · Example 7
(a) A simple interest loan for $6,500 is taken out at 12.6% annual percentage rate. A partial payment is made 45 days into the loan period. How much of the partial payment will be for interest?
(b) A simple interest loan for $13,700 is taken out at 6.55% annual interest rate. A partial payment is to be made after 60 days. How much of the partial payment will be for interest?
OpenStax, Contemporary Mathematics · §6.3 Simple Interest · Example 7
No hints for this one.
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