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Answer to Question #210308 in Financial Math for oreo

Question #210308

katy took out a loan for $12000 over 3 years, if her total loan repayments amounted to $18750, calculate the interest charged.


1
Expert's answer
2021-06-25T11:35:24-0400

Given

Loan amount = $12000

Loan repayment = $18750

Step 2

Interest charged = Total loan repayment - loan taken

Interest charged = $18750 -$12000

Interest charged = $ 6750

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