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3 February, 05:09

Bill paid $800 simple interest on a 4% loan over 5 years for a new car. What was the original amount he borrowed.

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Answers (2)
  1. 3 February, 05:31
    0
    973 was the original amount he borrowed
  2. 3 February, 05:33
    0
    Set equation up as:

    800 (1+0.04) ^5

    800 (1.04) ^5

    800 (1.21)

    973 this is the answer.
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