A loan

A loan in the amount of $944 is charged simple interest at an annual rate of 8.1%. How much money is owed 14 months after the loan was made?

Correct result:

x =  1033.21 USD

Solution:

a=944 p=8.1%=8.1100=0.081  i=a 1412 p=944 1412 0.081=89.208  x=a+i=944+89.208=1033.21 USD



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