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OpenStudy (anonymous):
First best answer wins a Medal!!!!!!! Note: Remember to show all of the steps that you use to solve the problem. You borrow $500 from your parents to buy a new computer. Your parents charge you 3% simple interest and give you two years to repay the money. a) How much interest do you pay on the loan? b) What is the total amount of money that you owe your parents?
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