Simple Interest Problems Set 6 Question 10
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Question 10
Deangelo has borrowed $1500 from the Independent Bank so that he can get his hands on a computer. The $1500 was obtained at a per annum interest rate of 3% with a 24 month term.
How much interest will Deangelo have to pay back to the Independent Bank over the 24 months? What's the total amount of money that the Independent Bank will end up getting back from Deangelo?