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12 May, 14:58

Leon franklin obtained a 1,000 dollar loan to purchase a new color laser printer. His interest rate is 5.5% exact interest for 120 days. How much interest does Leon owe

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  1. 12 May, 17:09
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    Step-by-step explanation:

    Usually this problem is figured out by using 360 as the number of days in a year. It will give you a rough answer

    i = p * r * t

    p = 1000

    r = 5.5% = 5.5/100

    t = 120/365

    i = 1000 * 5.5 / 100 * 120/365

    i = 18.02 dollars.

    If you take the number of days in a year you get

    i = 1000 * 5.5/100 * 120/360

    i = 18.33 cents.

    Since you have a calculator, I would use the top answer (18.02)
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