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Anna35 [415]
3 years ago
8

Andrew borrowed $700 from the bank to start a pressure washing business. The bank charged a simple interest rate of 7% per year.

If it takes Andrew 3 years to pay back the loan, how much interest will he pay?
PLZ MAKE SURE IT IS RIGHT
Mathematics
2 answers:
Flauer [41]3 years ago
7 0

Answer:6%

Step-by-step explanation:

d1i1m1o1n [39]3 years ago
3 0

Answer:

<em><u>Simple interest=(Principal×Rate×Time)/100</u></em>

Principal=$700

Rate=7%

Time=3 years

S.I.=(700×7×3)/100=147

Andrew has to pay a interest of <u>$147</u>.

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