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OpenStudy (anonymous):
On a simple interest loan the annual interest rate was 7 1/2 %. After 3 months the interest was $28. How much was the amount of the loan?
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OpenStudy (anonymous):
Interest for 1 year is $28 * 4 or $112 The Loan amount is equal to the interest for 1 year divided by the interest rate, 7-1/2%. 7-1/2% converted to a decimal number is 0.075. (112)/.075 = 1493.33
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