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2015-05-06T18:51:53+08:00

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Interest = Principal*Rate*Time

In this case the Principal is P8500, the rate is 12% and the time is 3 years.

Interest=8500* \frac{12}{100} *3 \\=85*12*3 \\ 3060
(Note that 12% can be represented as 12/100)

The amount that he must pay is P3060
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