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26 September, 22:32

70,000 for 6 years at a simple interest rate of 10,5% find the interest paid on the loan an total paid

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  1. 26 September, 22:48
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    A $70,000 loan at 10.5% for six years will accrue interest as follows:

    i = $70,000 (0.105) (6) = $44,100.

    Paying off this loan plus the accrued interest will require $70,000 + $44,100, or $114,000.
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