Can You Calculate The Simple Interest On A Loan Of $18,500 At 11% Annual Interest For 18 Months?


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Torie Keys answered
Simple interest on a loan of $18,500 at 11 percent per annum. Simple interest means that interest is not paid on interest owed. The first year's interest is $1,850 (10%) +$185 (1%) = $2,035. Half that interest for the next six months is $1,017.50. Total interest is $3,052.50.

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