document.write( "Question 39767: I had asked this question yesterday but put in 12.4 should have been 12.5
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\n" ); document.write( "\n" ); document.write( " The question is what simple interest will you pay on a loan of $1,458 at 12.5% for 1 year?
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Algebra.Com's Answer #25278 by atif.muhammad(135)\"\" \"About 
You can put this solution on YOUR website!
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document.write( "There's some kind of formula for this:\r\n" );
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document.write( "Simple Interest = (Money at first x interest x time)/100\r\n" );
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document.write( "In our case,\r\n" );
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document.write( "Money at first = 1458\r\n" );
document.write( "Interest = 12.5\r\n" );
document.write( "Time = 1\r\n" );
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document.write( "Simple Interest = (1458 x 12.5 x 1)/100 = $182.25\r\n" );
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document.write( "Your question was:\r\n" );
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document.write( "When you showed the answer for 180.79 was that just for one month and should it been multiplied by 12 for a year?\r\n" );
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document.write( "Ans: \r\n" );
document.write( "This will depend on your interest.\r\n" );
document.write( "If your interest was 12.5% per month, then the simple interest would be multiplied by 12, in order to get the simple interest for the year.\r\n" );
document.write( "If your interest was 12.5% per year or per annum (same thing!), then the simple interest would not need to be multiplied by 12 as it was already for the 12 months/1 year.\r\n" );
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document.write( "Does that help?\r\n" );
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document.write( "Get back to me if it doesn't: atif.muhammad@gmail.com\r\n" );
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