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Math Help - [SOLVED] 1 year loan

  1. #1
    JemRock
    Guest

    [SOLVED] 1 year loan

    I was never any good at math...

    i need to know what $1599 plus 19% interest will end up costing me if i pay it off over one year...

    im buying a bass and need to know how much it will end up costing me...

    please help me. thank you
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  2. #2
    MHF Contributor
    Joined
    Apr 2005
    Posts
    1,631
    If it is simple interest, then

    19% of $1599 is 0.19 times $1599, or $303.81
    After one year, you have to pay $303.81 more than the $1599.
    After one year, it will cost you $1599 +$303.81 = $1902.81

    Usually, it is computed like this:
    After one year, cost = (1.19)($1599) = $1902.81
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