| How much interest would Alice pay for a loan of $575 at 12.5% if she repaid the bank at the end of one year? |
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Let P = Principle Let R = Rate Let T = Time Let I = Interest Given: P = $575 Given: R = 12.5% Given: T = 1 YEARS Find: I Interest = Principle * Rate * Time I = PRT I = $575 * 12.5% * 1 I = $575 * 0.125 * 1 I = $71.88 |