Determining the lower interest rate

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Jessica needs to borrow $85000 for 9 months. Her bank would not lend her the money since she has no experience or assets. She found an individual who would lend her the money at 18.5%. However , her Uncle agreed to go to the bank and consign a loan to her, which means he will have have to repay the loan if Jessica fails to do so. On the basis, the bank agreed to lend her money at simple 10% interest. What will be the interest at (i) 18.5% (ii)10% (iii)what will be the amount using lower interest rate.

Reference no: EM132613548

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