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4 May, 04:06

John borrowed $150,500 to start up his business. He borrowed the money at a 7.75% simple

interest rate for 2 years. How much does John have to pay back at the end of two years

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  1. 4 May, 06:31
    0
    John have to pay back $23,327.50 at the end of two years

    Step-by-step explanation:

    Simple Interest (I) = (PRT) : 100

    where P = Principal, R = Rate, T = Time

    I = ($150500 * 7.75 * 2) : 100

    I = ($2332750) : 100

    I = $23,327.50
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