Determine how much money will farmer pay back in total
The farmer in India takes out the loan for $2 for the chicken and should pay back $0.10/month for 10 years.
(1) Determine how much money wil he pay back in total (whole life of loan).
(2) Compute rate of interest he paid.
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The farmer in India takes out the loan for $2 for the chicken and should pay back $0.10/month for 10 years. Determine how much money wil he pay back in total (whole life of loan).
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