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18 September, 13:24

If you borrow $675 for six years at an interest rate of 10%, how much interest will you pay?

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  1. 18 September, 13:47
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    The formula for simple interest is

    I = Pnr

    I = interest

    P = principle amount = $675

    n = number of years = 6

    r = rate of interest = 1% = 0.01

    So, I = 675*6*0.1 = 405

    so your Interest will be $405 after 6 years.
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