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tatuchka [14]
3 years ago
10

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?
Mathematics
2 answers:
VARVARA [1.3K]3 years ago
7 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 = <u>147</u>

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

Ede4ka [16]3 years ago
4 0

Answer:

  • $147

Step-by-step explanation:

<u>Given:</u>

  • Loan amount = $700
  • Interest rate = 7% simple
  • Time = 3 years

<u>Interest amount:</u>

  • $700*3*0.07 = $147
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