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18 April, 14:37

Find the interest on the loan if I borrow 2500 at an annual interest rate of 6% for 15 years

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  1. 18 April, 15:29
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    The interest is 2250.

    2500 (1 + (0.06 x 15)) = 4750 (this is principal + interest)

    4750 (total) - 2500 (inicial amount) = 2250
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