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2 years ago

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$60 simple interest is received on a loan each year. When the rate of interest is increased by 0.5%, the simple interest is $70.

What is the amount of the loan?

1 answer:

IgorC [24]2 years ago

7 0

Answer:

Step-by-step explanation:

I=Pr

P(r+.005-r)=70-60

.005P=10

P=$2000

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