GRE Problem Solving Question 37
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Source: Kaplan
Samuel borrowed $5,000 to help get his business started. He took out a 9-month loan with simple interest, based on an annual interest rate of 6%. What was the total amount Sam was required to pay back at the end of the loan period?
- A $5,054
- B $5,225
- C $5,300
- D $5,600
- E $5,750