Simple Interest Problems Set 3 Question 10
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Question 10
Jalen managed to get a loan for $1000 from the Centier Bank to help pay for a computer. The $1000 was obtained at a per annum interest rate of 3% and a period of 12 months.
How much interest will Jalen have to pay back to the Centier Bank over the 12 months? What's the total amount of money that the Centier Bank will end up getting back from Jalen?