Simple Interest Problems Set 8 Question 1
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Question 1
Jayden managed to get a loan for $3500 from the 1st Source Bank in order to get a couch. The $3500 was obtained at an interest rate of 8% per annum, with a 54 month term.
How much interest will Jayden have to pay back to the 1st Source Bank over the 54 months? What's the total amount of money that the 1st Source Bank will end up getting back from Jayden?