Simple Interest Problems Set 10 Question 9
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Question 9
Felix managed to get a loan for $4000 from the Wilmington Trust Co. to help pay for a laptop. He got the $4000 from the Wilmington Trust Co. at a per annum interest rate of 1% with a 12 month term.
How much interest will Felix have to pay back to the Wilmington Trust Co. over the 12 months? What's the total amount of money that the Wilmington Trust Co. will end up getting back from Felix?