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malfutka [58]
3 years ago
11

The formula for finding the interest on a loan is I = prt. Jack borrows $2,000 for 2 years at a rate of 2%. How much interest wi

ll he owe?
Mathematics
1 answer:
alexandr402 [8]3 years ago
5 0

9514 1404 393

Answer:

  $80

Step-by-step explanation:

You are given the principal amount (p=$2000), the annual interest rate (r=.02), and the time in years (t=2). Put the numbers in the formula and do the arithmetic.

  I = prt

  I = ($2000)(0.02)(2) = $80

Jack will owe $80 in interest.

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