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19 April, 09:49

Patty is taking out a simple interest loan to buy her new $10,689 car. How much would she pay in interest if the rate is 4.5% and she pays the loan off in 4 years?

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  1. 19 April, 13:02
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    I = PRT

    P = 10689

    R = 4.5% (turn this to a decimal) = 0.045

    T = 4

    I = (10689) (0.045) (4)

    I = 1924.02 <==
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