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8 July, 19:51

Austin borrowed $700 from a lender that charged simple interest at a rate of 9% for 6

years. What is the amount of interest Austin paid at the end of the loan?

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  1. 8 July, 19:56
    0
    Initial capital $700

    Interest rate 9%

    Period 6 years

    Interest paid by year: (700x0.09) = 63

    Interest paid at the end of the loan: (63x6) = 378
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