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Aurelio Ortega borrowed $3,000 on August 21, 2012 at an interest rate of 10% per month. Over the course of 3 months, the interest accumulated such that the balance grew from the initial $3,000 to $3,903, with $300 of interest added in September, $600 added in October, and $903 added in November. No payments were made, leaving a remaining balance of $3,903 as of November 21, 2012.

Author

Sachi Summers

Language

EN