samiyaosmanbyr samiyaosmanbyr
  • 07-02-2024
  • Mathematics
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Mike is buying a car that costs $21,000. The bank loans him the money using simple interest at a rate of 5.75% annually. He doesn’t touch the account for 30 months and then starts to pay off the loan. He wants to pay off the interest first and takes 6 months to pay it off. How much would he pay back each month to pay off the interest? Show your work.

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