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3 years ago

7

You borrow $1900 to buy a refrigerator. The simple interest rate is 11%. You pay off the loan after 5 years. How much do you pay

for the loan?

1 answer:

leonid [27]3 years ago

7 0

I = PRT is the formula to use for this.

I = (1900)(.11)(5)
I = 1045

1900 + 1045 = 2945

I need to pay $2945 for the refrigerator.

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