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OpenStudy (anonymous):
a loan of $4000 at 12%p.a compounded monthly.find the cost of the loan for one year,and the equivalent simple interest rate?please explain.
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OpenStudy (anonymous):
its 4000(1.01)^12 ...but im getting 1.12 instead of 1.01.
OpenStudy (anonymous):
ur right im also getting 1.12
OpenStudy (anonymous):
its actually 1.01,and the answer is $507.30 .but i can't get 1.01..
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