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rachelpalazzo
Dan Williams took out a simple interest loan at 14.5% interest for 12 months. His previous balance is $119.42. What is the final payment if the loan is paid off with the next payment?
I think it's $119.42 + 1 month's interest on $119.42 $119.42 + $119.42(0.145/12) = $119.42 + $1.44 = $120.86