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What interest penalty do pay

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Problem 1: If you withdraw part of your money from a certificate of deposit before the date of maturity, you must pay an interest penalty. Suppose you invested PHP 10,000 in a 1-year certificate of deposit paying 8.5% simple interest. After 7 months, you decide to withdraw PHP 3,300. your interest penalty is 7 months simple interest on the 3,300. what interest penalty do you pay?

Reference no: EM132817436

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