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26 October, 09:58

Mr. Chavis needed to take out a loan for $74,400 for a 2016 XJ luxury Jaguar sedan. If he takes 5 years to pay off the loan at a rate of 5.5%, how much will he pay in interest at the end of the 5 years?

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  1. 26 October, 10:25
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    Mr. Chavis will pay $20,460 in interest at the end of 5 years.

    Simple interest will be computed by multiplying the principal to its interest rate and term.

    I = P x r x t

    P = 74,400

    r = 5.5% or 0.055

    t = 5 yrs

    I = 74,400 x 0.055 x 5

    i = 20,460
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