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19 July, 11:37

How much interest will be paid in 1 year for a loan of $4500 at 7 1/2% simple interest?

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  1. 19 July, 11:46
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    Interest=Principal times Rate times Time

    given

    Principal=4500

    rate=7.5%=0.075

    T=1 year

    Interest=4500 times 0.075 times 1

    Interest=337.5

    interest=$337.50
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