Find the simple interest paid after 3 years on a loan of $9700 borrowed at an annual interest rate of 11%
1 answer:
9700*11%=1067
you owe $1067 in interest in one year, so $1067*3 years=$3207 in interest for three years
you'll have to pay $3207 in interest on top of the $9700 you already owe
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