Math Problem Statement
Jack needs to borrow $700 for one year. Bank South will give him the loan at 11%. SunCoast Bank will give him the loan at 7% with a $27 loan origination fee. First National will give him the loan at 6% with a $15 loan origination fee. If Jack takes the loan at SunCoast Bank, the amount of total interest and fees is
Solution
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Math Problem Analysis
Mathematical Concepts
Simple Interest
Loan Origination Fees
Formulas
Simple interest formula: Interest = P * r * t
Theorems

Suitable Grade Level
Grades 912
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