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27 January, 18:39

You purchase a car using a $18,000 loan with a 5% simple interest rate. Suppose you pay the loan off after 3 years. How much interest do you pay on your loan?

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  1. 27 January, 18:49
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    Answer: $2,700

    Step-by-step explanation:

    $18,000 times 5% = 900

    900 times 3 is 2,700

    Therefore your answer will be 2,700
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