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23. a. Jeff borrowed $45,000 from his brother to start a boutique. He repaid him after...

23.

a.

Jeff borrowed $45,000 from his brother to start a boutique. He repaid him after 38 months. The annual simple interest rate was 6.75%. Determine the total amount he repaid.

a.

$53,345.45
b.

$52,545.00
c.

$54,618.75
d.

$55,756.00

b.

If $20,000 is borrowed at 6.5% for 7 years, what is the simple interest amount on this loan?

a.

$8900
b.

$9100
c.

$9320
d.

$9360
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