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evablogger [386]
3 years ago
13

James paid off the loan on his motorboat in the year 2006. He originally borrowed $6,500 to buy the boat, but with simple annual

interest, he discovered that he paid a total of $8,775 over the life of the loan. If James annual interest rate was 7%, in what year did his loan begin?
Mathematics
2 answers:
ale4655 [162]3 years ago
7 0
5 years as 6500 at a rate of 7% or 455 more dollars a year has to cover a monetary gap of $2275. divide 2275 by 455 and get a nice even 5 years
N76 [4]3 years ago
7 0

Answer:

the answer is 2001

Step-by-step explanation:

*YEET*

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