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# Why is the answer ~24%?

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Apply for a loan
Up to \$70,000
Terms of the loan:
Pay only \$103 per month for each \$1,000 borrowed
Payable in 12 equal monthly payments
2. (Original post by AlumniBlix)
Apply for a loan
Up to \$70,000
Terms of the loan:
Pay only \$103 per month for each \$1,000 borrowed
Payable in 12 equal monthly payments
What's the question?
3. 103 (amount per thousand) * 70 (number of thousands) = 7210 (amount you pay back in total per month)
7210 * 12 (number of months) = 86,520 (amount you pay back in total over the year)

That means you pay 16,520 in interest, which is 23.6% of 70,000 (original loan)

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