SOLUTION: Margo borrows P200, agreeing to pay it back with 4% annual interest after 14 months. How much interest will she pay?

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Question 1182195: Margo borrows P200, agreeing to pay it back with 4% annual interest after 14 months. How much interest will she pay?
Answer by ikleyn(52782) About Me  (Show Source):
You can put this solution on YOUR website!
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Margo borrows P200, agreeing to pay it back with 4% annual interest after 14 months.
How much interest will she pay?
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14 months = 14%2F12  of an year.


    The interest  I =  200%2A0.04%2A%2814%2F12%29 = 2%2A4%2A%287%2F6%29 = 56%2F6 = 28%2F3 = 9 1%2F3 = 9.33 dollars.

Solved.

On simple interest problems, see the lesson
    - Simple interest percentage problems
in this site.


Learn the subject from there.