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8 September, 13:49

a radiology student borrow 4500 at an annual rate of 8.5% for 1 year what is the simple interest per month on this loan

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  1. 8 September, 14:02
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    Simple Interest

    = Pit (P=principal, i=annual interest rate, t=time in years)

    = 4500*0.085 * (1/12)

    = $31.875

    = $31.88 (to the nearest cent)
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