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Laura took out a charge account at the General Store and agreed to pay

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Laura took out a charge account at the General Store and agreed to pay  [#permalink]

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New post 24 Mar 2016, 02:58
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Laura took out a charge account at the General Store and agreed to pay 6% simple annual interest. If she charges $35 on her account in January, how much will she owe a year later, assuming she does not make any additional charges or payments?

A. $2.10
B. $37.10
C. $37.16
D. $38.10
E. $38.80

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Re: Laura took out a charge account at the General Store and agreed to pay  [#permalink]

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New post 24 Mar 2016, 05:48
Principal that is amount taken by Laura at year beginning = 35$
Rate of interest = 6%
Interest = (6/100)*35 = 2.10$

Total amount that Laura owes a year later = 35+2.1 = 37.1 $

Answer B
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Re: Laura took out a charge account at the General Store and agreed to pay   [#permalink] 24 Mar 2016, 05:48
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Laura took out a charge account at the General Store and agreed to pay

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