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$500 is earning 8% simple unrest rate. What is the interest owed

Sagot :

Ritmeks

The interest owed is $40

How to calculate the interest ?

Interest is the amount of money paid when a loan is collected

The amount is $500

The interest rate is 8%

Therefore the interest owed can be calculated as follows

= 8/100 × 500

= 0.08 × 500

= 40

Hence the interest owed is $40

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