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9 October, 16:32

if you borrow $308 for one year at an interest rate of 6% compounded annually, how much interest will you pay?

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  1. 9 October, 19:20
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    Answer: $18.48

    Step-by-step explanation: The formula for interest is I = PRT, where I equals interests, P equals the principle, R equals the rate and T is Time.

    I = 308 x. 06 x 1

    I = $18.48

    You will pay $18.48 interest for one year.
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