Simple Interest Problems Set 8 Question 10
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Question 10
Ruben has borrowed $1500 from the First National Bank of Pa so that he can get his hands on a lounge set. The $1500 was obtained at a per annum interest rate of 7% and a period of 48 months.
What is the total amount of interest that Ruben will have to pay back over the period of 48 months to the First National Bank of Pa? How much money in total will Ruben end up paying back?