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Chau obtains a loan for home renovations from a bank that charges simple interest at an annual rate of 16%. His loan is for $15,400 for 93 days. Assume each day is 1365 of a year. Answer each part below.
(a) Find the interest that will be owed after 93 days.
(b) Assuming Chau doesn't make any payments, find the amount owed after 93 days.

Sagot :

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