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22 July, 00:00

Ryan takes out a loan of $36,350 which earns 3% simple interest yearly. How much interest will he owe on the loan after 5 years?

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  1. 22 July, 00:08
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    3% of 36,350 is 1090.5

    1090.5 times 5 = 5,452.5

    Therefore, Ryan will owe $5,452.5
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