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What was the principal of that loan

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Problem - A bank received $10,000.00 today as a final and unique payment for a loan that the borrower took 24 months ago at a 1.5% simple monthly rate.

What was the principal of that loan?

How much interest did the bank receive?

What compound interest rate per month will produce the same interest as this simple rate?

Reference no: EM132988975

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