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27 April, 11:17

Emilio borrows $1200 from a bank with 8% simple interest per year. How much interest will he have to pay back in 2 years?

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  1. 27 April, 14:31
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    Simple Interest equation is I=p*r * t

    P = is the principal amount (1200)

    R = is the interest rate per year (8% or 0.08)

    T = time in years (2)

    I = 1200 * 0.08 * 2 = 192.00

    Interest is 192.00
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