Question 1178835
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Thomas Ewing borrowed $100 from a loan company for 12 months.  He signed a note to repay the loan at $10 per month. 
How much interest did he have to pay?
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He loaned $100,  and payed back 10*12 = 120 dollars.


Everything happened in one year, so the interest is $20  and  the percentage is


    {{{((120-100)/100)*100}}} = 20%  per year.      <U>ANSWER</U>
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Solved.