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28 February, 22:03

Dr. Kora borrowed $8000 to purchase new medical equipment for her new office. If she paid 7.5% simple interest for 10 years. How much interest will she pay?

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  1. 28 February, 22:13
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    Dr. Kora will pay an interest of $6,000

    Step-by-step explanation:

    Simple interest = P * R * T

    Where:

    P = Principal = $8000

    R = Rate = 7.5% = 0.075

    T = Time = 10 years

    ∴ Simple interest = 8000 * 0.075 * 10 = $6,000

    Therefore Dr. Kora will pay an interest of $6,000
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