Simple Interest Problems Set 10 Question 10
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Question 10
Aden managed to get a loan for $1500 from the Nara Bank to help pay for a bike. The $1500 was obtained at an interest rate of 7% per annum, and a period of 24 months.
How much interest will Aden have to pay back to the Nara Bank over the 24 months? How much money in total will Aden end up paying back?