A contractor borrows $1,000 at 11.8% interest rate per annum to buy material for a job. The debt is paid 18 months later. What amount is paid in interest?

Elementary Geometry For College Students, 7e
7th Edition
ISBN:9781337614085
Author:Alexander, Daniel C.; Koeberlein, Geralyn M.
Publisher:Alexander, Daniel C.; Koeberlein, Geralyn M.
ChapterP: Preliminary Concepts
SectionP.CT: Test
Problem 1CT
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A contractor borrows $1,000 at 11.8% interest rate per annum to buy
material for a job. The debt is paid 18 months later. What amount is
paid in interest?
Transcribed Image Text:A contractor borrows $1,000 at 11.8% interest rate per annum to buy material for a job. The debt is paid 18 months later. What amount is paid in interest?
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