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Back to 6.8 The Basics of Loans

6.8 Exercise 1

Avg difficulty 2.5

Find the interest to be paid for the period on loans with the following remaining principal and given annual interest rate. Each period is a month.

  1. Remaining principal is $13,450, interest rate is 6.75%
  2. Remaining principal is $8,460, interest rate is 5.99%

OpenStax Contemporary Mathematics, 6.8 The Basics of Loans, exercise 1

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Adapted from Contemporary Mathematics © 2023 Rice University. Licensed under CC BY 4.0. Source: Contemporary Mathematics. Imported at revision fa7c1a1.