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Find the interest paid by Mr. Tolentino on ₱20, 000 that he borrowed for 4 years at 6% simple interest.

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at_explanation_text_math

For example, a 6% APR paid monthly would be divided into twelve 0.5% payments.

6

÷

12

=

0.5

A 4% annual rate paid quarterly would be divided into four 1% payments.

4

÷

4

=

1

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