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Zeki's course at a trade school cost $1,500. The school gave him a loan for the full amount at an interest rate of 23%. The school expects a payment of $123.00 every month …

Zeki's course at a trade school cost $1,500. The school gave him a loan for the full amount at an interest rate of 23%. The school expects a payment of $123.00 every month …
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Zeki's course at a trade school cost $1,500. The school gave him a loan for the full amount at an interest rate of 23%. The school expects a payment of $123.00 every month for 15 months. How much interest will Zeki have paid when the loan balance is $0?

asked
User Jan Drozen
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8.3k points

1 Answer

6 votes

123 x 15 = 1845 is what he pays back total

18445 - 1500 = 345 is interest

answered
User Illegal Argument
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8.8k points
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