a man borrowed $3100 from a bank for 6 months. a friend was a consigned of the m
ID: 2902873 • Letter: A
Question
a man borrowed $3100 from a bank for 6 months. a friend was a consigned of the mans personal note. the bank collected 8.5%simple interest on te date of maturity. how much did the man pay for the use of the money? how much did he have to repay the bank in the due date? a man borrowed $3100 from a bank for 6 months. a friend was a consigned of the mans personal note. the bank collected 8.5%simple interest on te date of maturity. how much did the man pay for the use of the money? how much did he have to repay the bank in the due date?Explanation / Answer
per month he has to pay = 8.5% x $3100
=263.50
per 6 months =6 x263.50=1581
total payment =3100+1581 =4681
extra payment=1581
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