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7 January, 17:43

Determine the simple interest paid after 3 months on a loan of 9,700 dollars borrowed at an annual interest rate of 11%.

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  1. 7 January, 17:51
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    Multiply $9700 by 11% to get the annual interest, then divide by 12 months in year and multiply by # of months. 9700 *.11 = 1067 1067/12 = 88.9166666 88.9166666*3 = $266.75
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