Find the simple interest paid after 3 years on a loan of $9700 borrowed at an annual interest rate of 11%

1 answer:

4 0

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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