Problem

Work each problem. See Example 5. Simple Interest Lev...

Work each problem. See Example 5.

Simple Interest Levada Qualls borrows $30,900 from her bank to open a florist shop. She agrees to repay the money in 18 months with simple annual interest of 5.5%.

(a) How much must she pay the bank in 18 months?

(b) How much of the amount in part (a) is interest?

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Solutions For Problems in Chapter 1.1

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