Simple Interest Problems Set 9 Question 1
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Question 1
The GE Capital Financial loaned Kolby an amount of $2500 to help pay for a lounge set. The $2500 was obtained at an interest rate of 2% per annum, with a 54 month term.
How much interest will Kolby have to pay back to the GE Capital Financial over the 54 months? How much money in total will Kolby end up paying back?