What is the interest on a loan of $200 if you borrow it for 24 months at a yearly interest rate of 9%?

Question

What is the interest on a loan of $200 if you borrow it for 24 months at a yearly interest rate of 9%?

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Khải Quang 4 years 2021-07-18T08:26:00+00:00 1 Answers 5 views 0

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  1. Eirian
    0
    2021-07-18T08:27:11+00:00
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    Answer:

    $36

    Step-by-step explanation:

    I = Prt

    P = 200

    r = 0.09

    t = 24/12 = 2

    I = 200 x 0.09 x 2

    I = 36

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