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21 November, 07:20

If you borrow $225 for eight years at an interest rate of 6% how much interest will you pay?

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Answers (2)
  1. 21 November, 07:28
    0
    Answer:$58.55
  2. 21 November, 07:45
    0
    Interest is $108.

    Step-by-step explanation:

    From the question statement, we observe that

    P=$225, t=8 years and r = 6 percent=.06

    Since, we know that I=Prt

    Putting the values in the above formula, we get

    I = (225) (.06) (8)

    I=$108.
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