Asked by jordan

you borrow $1200 from a bank that bank charges 9.5% simple annual interest. after 15 months you pay back the loan. how much interest do you pay on the loan? what is the total amount that you pay the bank.
Answered by Steve
interest is 1200*0.095*(15/12) = 142.50
Answered by Slim
steve where did you get the (15/12) from?
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