cline borrowed $3500 from credit union in February 2006. The rate of interest was 10.75%. He completed paying back the money in August 2008. How much Interest did he pay
Thank you for the opportunity to help you with your question!
Borrowed amount = $3,500
Time period from February 2006 to August 2008= 31 months
Interest = $3,500 * 10.75 % * 31/12
= $971.98 Approximately
(But if we take 30 months, then interest will be = $3,500 * 10.75% * 30/12=$940.63 approximately)
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