SOLUTION: A finance company charges $55 simple interest on a sum of money which is borrowed for five months. Given that the rate of interest is 12% per annum, what is the sum of money.
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Question 1022707: A finance company charges $55 simple interest on a sum of money which is borrowed for five months. Given that the rate of interest is 12% per annum, what is the sum of money.
Answer by robertb(5830) (Show Source): You can put this solution on YOUR website!
==> ==>
==> A = P+I = $1,100 + $55 = $
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