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Sagot :
Given:
monthly balance = 45
term = 30 years
annual interest rate = 8%
Simple Interest = Principal x rate x term
Principal = 45 x 12 months = 540
Simple Interest = 540 x .08 x 30 = 1,296 Interest Earned for 30 years.
Total balance = Principal + Simple Interest
= 540 + 1,296
Total balance = 1,836
monthly balance = 45
term = 30 years
annual interest rate = 8%
Simple Interest = Principal x rate x term
Principal = 45 x 12 months = 540
Simple Interest = 540 x .08 x 30 = 1,296 Interest Earned for 30 years.
Total balance = Principal + Simple Interest
= 540 + 1,296
Total balance = 1,836
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