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9 December, 16:12

If you borrowed $30,000 from a bank to buy a new car and the interest was 6%. You plan to pay the bank back within one year. What is the total amount you would have to pay back to the bank?

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  1. 9 December, 18:40
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    Answer:$31800

    Step-by-step explanation:

    principal (p) = $30000

    Rate (r) = 6%

    Time (t) = 1

    Simple interest = (p x r x t) / 100

    Simple interest = (30000x6x1) / 100

    Simple interest=180000/100

    Simple interest=$1800

    Total amount=principal+simple interest

    Total amount = 30000+1800

    Total amount = $31800
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