Simple Interest Problems Set 5 Question 1
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Question 1
Rocco has borrowed $1000 from the Kearny Federal Savings Bank to help pay for a fridge. The $1000 was obtained at an interest rate of 1% per annum, with a 12 month term.
What is the total amount of interest that Rocco will have to pay back over the period of 12 months to the Kearny Federal Savings Bank? What's the total amount of money that the Kearny Federal Savings Bank will end up getting back from Rocco?