SOLUTION: How much interest is charged on a student loan if $7,500 is borrowed for 20 months at a 8.4% annual interest rate?
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Question 160212: How much interest is charged on a student loan if $7,500 is borrowed for 20 months at a 8.4% annual interest rate?
Answer by edjones(8007) (Show Source): You can put this solution on YOUR website!
.084/12=.007 monthly rate
7500*.007*20=$1,050.
.
Ed
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