George was required to repay a loan that matured to $4,550 on August 14, 2015

Intermediate Algebra
19th Edition
ISBN:9780998625720
Author:Lynn Marecek
Publisher:Lynn Marecek
Chapter2: Solving Linear Equations
Section2.2: Use A Problem Solving Strategy
Problem 2.53TI: Eduardo noticed that his new car loan papers stated that with a 7.5% simple interest rate, he would...
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George was required to repay a loan that matured to $4,550 on August 14, 2015.
However, he realized that he could clear the loan amount on June 18, 2015 instead.
How much would he have to pay to clear the loan on June 18, if the simple interest rate
charged is 3.25% p.a.?
$0.00
Round to the nearest cent
Transcribed Image Text:George was required to repay a loan that matured to $4,550 on August 14, 2015. However, he realized that he could clear the loan amount on June 18, 2015 instead. How much would he have to pay to clear the loan on June 18, if the simple interest rate charged is 3.25% p.a.? $0.00 Round to the nearest cent
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