Personal Finance, 4e (Madura)

2) You obtain a loan of $3,000 based on simple interest with an annual interest rate of 12 percent. At the end of the first month, the interest owed on $3,000 is (a) $30. (b) $36. (c) $300. (d) $360. Answer: (a) ($3,000 × 0.12)/12 = $30. Diff: 2 Page Ref: 230. Question Status: Revised ................
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