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OpenStudy (anonymous):
Carol was charged $96.56 interest on her bank loan for the period June 15 to July 15. If the rate of interest on her loan was 6.45% pa, what was the outstanding principal balance on the loan during the month?
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OpenStudy (anonymous):
I have tried using the simple interest formula and FV = PV(1 + r)^n, but still can't get the right answer of: $18,214.16
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