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dangina [55]
3 years ago
13

You borrow $1000 at 6% simple interest for a year how much do you have to pay back?

Mathematics
1 answer:
Rainbow [258]3 years ago
4 0

Answer:150

Step-by-step explanation:

So every year the interest will be $1000 * 5 / 100 = $50. That is, after 3 years 3 * $50 = $ 150. Simple interest does not take into account the reduction of the principal but calculates the interest over the same initial amount, in this case $1000. So, the answer is $150, which is the result of $50 times 3.

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