10 Tanya received a $1,000 loan from the bank for a vacation. The bank is using...

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Question

Answer 1

Answer #1

What is her interest?

Answer: $90

Formula for calculating interest under Simple Interest Method

Interest = P * R * T

Where,

P = Principal Loan Amount = $1000

R = Interest Rate = 9%

T = Term = 1 year

Interest = P * R * T

= $1000 * 9% *1

=$90

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Answer 2

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