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12 May, 02:37

You borrow $1,000 on a simple interest loan. You pay an annual rate of 3.5%. You will take 3 years to pay back the loan. How much interest will you pay?

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Answers (2)
  1. 12 May, 02:47
    0
    I=PRT

    I=interest

    P=principal

    R=rate in decimal

    T=time in years

    given

    P=1000

    R=3.5%=0.035

    T=3

    I=1000*0.035*3

    I=35*3

    I=105

    interest=$105
  2. 12 May, 02:54
    0
    The interest you will pay which in my case which is you Ghnjmkjhgj is $105 hope you're happy with the answer : ]
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