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1. The interest charged on a loan is p dollars per $1,000 for the first month and q dollars per $1,000 for each month after the first month . How much interest will be charged during the first three months on a loan of $ 10,000?

  • A. 10p + 20q
  • B. 10p + 20q
  • C. 10p + 20q
  • D. 10p + 20q

Answer: Option A

Explanation:

Interest for the first month is 10×p
Interest for the next 2 month will be 2×10q
Total Interest = 10p + 20q

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