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14 April, 20:47

The simple annual interest rate on a loan is 5%. what is the interest due on a loan of $3,500 after one year

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  1. 14 April, 21:16
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    The formula is

    I=prt

    I interest due?

    P principle 3500

    R interest rate 0.05

    T time 1 year

    I=3,500*0.05*1

    I=175
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