Simple Interest Problems Set 4 Question 10
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Question 10
Kareem has borrowed $5000 from the Chemical Bank in order to get a laptop. The $5000 was obtained at a per annum interest rate of 10% with a 60 month term.
What is the total amount of interest that Kareem will have to pay back over the period of 60 months to the Chemical Bank? What's the total amount of money that the Chemical Bank will end up getting back from Kareem?