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11 December, 22:09

Jan borrowed $1200 at 11.5% interest for 3 months. How much does she have to repay under a single-payment plan?

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  1. 11 December, 22:14
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    First, convert percent to decimal:

    11.5% = 0.115

    Multiply by amount borrowed:

    0.115*1200 = 138

    Multiply interest amount per month (138) by 3

    138*3 = $414.00 interest
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