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lara [203]
3 years ago
11

Malik borrowed $8,000 to buy a new boat. He will pay off the loan after 4 years by paying back the principal plus 6.5% simple in

terest. How much will Malik pay back altogether?
Mathematics
2 answers:
Gwar [14]3 years ago
8 0

Answer:

$10,080

Step-by-step explanation:

Effectus [21]3 years ago
7 0

\bf ~~~~~~ \textit{Simple Interest Earned Amount} \\\\ A=P(1+rt)\qquad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\dotfill & \$8000\\ r=rate\to 6.5\%\to \frac{6.5}{100}\dotfill &0.065\\ t=years\dotfill &4 \end{cases} \\\\\\ A=8000[1+(0.065)(4)]\implies A=8000(1.26)\implies A=10080

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Step-by-step explanation:

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