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2.) If you borrowed Php 1,000 to your friend and he asked you to pay after a
year with an effective interest rate of 7%, how much money is you have to
pay to your friend?​


Sagot :

Answer:

1,070

Step-by-step explanation:

find the interest

7% = 0.07

1,000 x 0.07 = 70

then add the interest

1,000 + 70 = 1070