document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1012624>Question 1012624</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Greg borrowed $3000 from a bank for 11months. The rate of interest charged is 11.4%. \r<BR>\n" );
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document.write( "1. How much interest did he pay for the use of the money?\r<BR>\n" );
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document.write( "2. What is the amount he repaid to the bank on the due date of the loan? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #628779 by </B><A HREF=/tutors/aboutme.mpl?userid=fractalier><B>fractalier(6550)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=fractalier><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/cgi-bin/show-face.mpl?user=fractalier><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=628779\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Interest is found by<BR>\n" );
document.write( "I = prt<BR>\n" );
document.write( "I = (3000)(.114)(11/12) = $313.50<BR>\n" );
document.write( "Thus he paid back the principal plus the interest, or<BR>\n" );
document.write( "$3313.50 </SPAN>\n" );
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