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The annual interest rate for a loan is 14 percent how much interest is due on a loan of 720.000 in one year?
Wiki User
∙ 13y ago
Simple interest of $100.80 is due when borrowing the $720.00 for a year.
The following formula provides the calculation necessary:
SimpleInterest = Principal * AnnualInterestRate
So, for the above question:
SimpleInterest = $720.00 * 14% = $720.00 * 0.14 = $100.80
Wiki User
∙ 13y ago
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That's what I want to know
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