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13 October, 03:48

Sam has a loan for $1200 at a rate of 9% annually. If the interest is not compounded, how much interest will he pay in 5 years?

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  1. 13 October, 07:36
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    Interest he will pay in 5 years is : 1200 x 9% x 5 + 1200 = 1740$
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