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4 March, 14:40

Julie borrowed $3,500 for 3 years at 7½% simple interest rate. How much interest is that?

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  1. 4 March, 14:52
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    A=P (1+rt)

    P=3500

    t=3yrs.

    r=7.5% / 100 = 0.075

    A = 3500 (1 + (0.075 x 3)) = 4287.5

    A = $ 4,287.50
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