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13 June, 07:38

Colton took out a loan from the bank to purchase a car. If he borrowed $17,240 at a simple interest rate of 8.25%, how much total will he have paid after 5 years?

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  1. 13 June, 09:50
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    Colton will have to pay 24,351.5 USD after 5 years.

    Step-by-step explanation:

    Given: Principal amount (P) = $17,240

    Rate of interest (r) = 8.25 %

    Time (t) = 5 years

    By the formula,

    SI=Prt/100

    = 17240*8.25*5/100

    = 7111.5 USD

    Amount = Principal+SI

    = 17,240+7111.5

    = 24351.5 USD
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