document.write( "Question 1185137: Mitchell has been given the option of either paying his $900 bill now or settling it for $918 after 1 month (30 days). If he chooses to pay after 1 month, find the simple interest rate at which he would be charged.
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Algebra.Com's Answer #815915 by ankor@dixie-net.com(22740) $\"\"$ $\"About$

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Mitchell has been given the option of either paying his $900 bill now or settling it for $918 after 1 month (30 days).
\n" ); document.write( " If he chooses to pay after 1 month, find the simple interest rate at which he would be charged.
\n" ); document.write( ":
\n" ); document.write( " $\"18%2F900\"$ = .02 * 100 = 2% per month
\n" ); document.write( "which is
\n" ); document.write( "12 * 2 = 24% annual interest \n" ); document.write( "

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