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ValentinkaMS [17]
2 years ago
10

Joe borrowed $2,000 from the bank at a rate of 7% simple interest per year. How much interest did he pay in 5 years?

Mathematics
1 answer:
Bas_tet [7]2 years ago
4 0
The simple interest formula is I = P * r * t

P is the principal (2,000)
r is the interest rate (7% or 0.07)
t is the time (5)

2000 * 0.07 * 5 = 700

$700.00 is the interest

Joe has to pay $700.00 in interest.

Hope this helps :D 

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Step-by-step explanation:

The first step is to look a the equation to see where the variable is in relation to the equal sign, and whether there are any constants on that same side of the equal sign.

Here, the variable terms are on the left, and there is a constant there, as well. The plan for solving the equation is to eliminate the constant that is on the same side of the equation as the variable, then divide by the coefficient of the variable. To find that coefficient, we need to collect terms. In summary, the plan is to ...

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Executing that plan, the steps are ...

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