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22 March, 16:29

A bank loans a customer $87,000 for a period of 15 years. The simple interest rate of the loan is 9.2% What is the total amount that the customer will need to pay the bank over the 15 years.

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  1. 22 March, 17:55
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    Use the formula A = P (1+rt). P is equal to 87,000, R is 9.2 and T is 15. Answer is $325,730.80
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