Simple Interest Problems Set 1 Question 1
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Question 1
Clay has borrowed $5000 from the Wilmington Trust Co. in order to get a motorbike. He got the $5000 from the Wilmington Trust Co. at an interest rate of 7% per annum, with a 30 month term.
How much interest will Clay have to pay back to the Wilmington Trust Co. over the 30 months? How much money in total will Clay end up paying back?