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27 August, 01:11

Ann took out a loan at the Bank of Florida with a principle amount of $7,000.00, at an interest rate of 6.5% for 3 years. What is the amount of her interest?

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  1. 27 August, 01:37
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    Is it 6.5% per year?

    Amount = Principle (1+rate*time)

    22365 = 7000 (1.065 * 3)

    Interest = 22365 - 7000 = 15365
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