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24-11-2016
Mathematics

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Find simple interest on a $27500 loan over 64 months at 3.25% annually

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24-11-2016

I=PRT
P=principal=present amount
R=rate
t=time in years

12months per year
64/12=5 and 1/3 year

I=27500 times 0.0325 times 5.333333333
I=5236

interest=$5236

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