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how much interest will have to be paid on a loan of $10,138 for 7 months at a simple interest rate of 13.3% per year?

Verified Answer :

mathssydney

1) 1 year interest is 10138 * 0.133 = $1348.354
2) 7 months is 7/12 part of the year
3) 7/12   x 1348.354 = about $786.54

about $786.54

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