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14 September, 07:02

Craig just purchased a new sports car. He financed $45,000 and must pay it back over 5 years with 11% interest.

How much will Craig have paid in interest by the time his car is paid off? (just put the numerical value, no $ sign)

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  1. 14 September, 07:32
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    Simple interest

    i = P*t*t

    i = 45000*0.11*5

    i = 24750

    Answer: 24750
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