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His friend Thomas grants him a loan of $ 5000, instructing him to charge 10%...

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Finance

His friend Thomas grants him a loan of $ 5000, instructing him to charge 10% periodic interest for forty (40) months using the simple interest method. Calculate the interest and the total pay? a) $ 1,800, interest, total payable $ 6800 b) $ 1,667 interest, total payable $ 3,333 c) $ 1,500 interest, total to pay $ 6,500 d) $ 1,667 interest, total payable $ 6,667 e) _______________________________

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