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25 September, 12:30

A home builder obtained a preconstruction loan of $50,000 for 8 months at an annual interest rate of 9.5%. What is the simple interest due on the loan?

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  1. 25 September, 12:59
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    Annual interest

    50000 * (9.5 / 100)

    4750

    Interest for 12 months = 4750

    Interest for 8 months

    (4750/12) * 8

    $ 3166.67
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