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30 August, 12:31

Loki's home repairs will cost him $1,200. The bank will give him a loan for the full amount at an interest rate of 21%. The bank expects a payment of $121 every month for 12 months. How much interest will Loki have paid when the loan balance is $0?

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  1. 30 August, 16:24
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    Formula of interest = PRT divided by 100
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