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31 August, 03:03

You borrow $1500 for a car loan. It is 5% simple interest over 4 years. How much interest will you owe?

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  1. 31 August, 03:14
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    Answer: $300

    Step-by-step explanation:

    Simple interest is calculated by multiplying the daily interest rate by the principal, by the number of days that elapse between payments.

    P*R*T

    $1500*5/100*4years
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