Question 2 (multiple choice)
Brad Clark took out a simple interest loan at 13% interest for 12 months. His previous balance is $619. What is the final payment if the loan is paid off with the next payment?
(Hint: First find the monthly interest rate and multiply it by the previous balance. This gives you the final interest charge. Then, add the interest to the remaining balance.)
A. $625.71
B. $621.00
C. $675.09
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