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13 October, 20:21

Jose borrowed $20,000 to buy a new speed boat. The interest rate on his loan is 5%. He will pay it back in 3 years. What will be the total amount he'll pay for the boat, including interest?

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  1. 13 October, 20:42
    0
    I=Prt is a simple interest formula

    i = (20000) (.05) (3)

    i=3000

    3000+20000=23000
  2. 13 October, 20:45
    0
    jose take 20000 $ on 5% interest rate for 3 years

    formula

    interest=principle amount*rate*time

    interest=20000*5%*3

    int=20000*5/100*3

    int=200*5*3

    int=3000

    principle+intrest=total he has to pay

    20000+3000=total he has to pay

    Answer=23000$ he has to pay
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