A customer has approached a local credit union for a $20,000 1 year loan at a 10

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A customer has approached a local credit union for a $20,000 1 year loan at a 10% interest rate.

Dec 10th, 2014

At the end up the year, the customer will owe $22,000. This comprises of the principle ($20,000) and the interest ($2,000). The interest was calculated by multiplying the principle times the rate, by time. Expressed in an equation: interest=(20,000)(0.1)(1)

interest=(principle)(rate)(time)


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Dec 10th, 2014

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Dec 10th, 2014
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Dec 10th, 2014
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