Shing and Benjamin, two classmates at a college, decided to use their free time after classes to create video games. On October 07, 2016, they received a loan of $3000 from a bank at 8.5% p.a. to start their small business. Two months later, they launched their first game in the community and it was highly successful. On March 02, 2017, a larger gaming company paid them $50,000 to purchase copyrights to their game. Shing and Benjamin used $5000 from this amount to settle the bank loan and to cover other miscellaneous expenses.

Borrowing and Investing Using Simple Interest

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Borrowing and Investing Using Simple Interest - Case 8a

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