Interest rate question?

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If I take a loan out for $1000?

with a 7 % interest rate and pay it back $200 a month for 5 months what will the total interest be

Interest rate question?

A $1000 loan at 7% interest with a 5 month term would have a payment of $203.51 per month. $3.51 X 5 mos = $17.55 total interest paid



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