Simple Interest Problems Set 7 Question 10
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Question 10
Nick managed to get a loan for $500 from the First Commonwealth Bank to help pay for a laptop. The First Commonwealth Bank loaned him the $500 at an interest rate of 6% per annum, with a 6 month term.
What is the total amount of interest that Nick will have to pay back over the period of 6 months to the First Commonwealth Bank? How much money in total will Nick end up paying back?