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18 January, 13:44

Find the amount paid for the loan.

$1500 at 9% for 2 years

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Answers (1)
  1. 18 January, 17:33
    0
    Assuming simple interest

    I=PRT

    Interset=principal times rate times time

    principal=1500

    rate=9%=0.09

    time=2

    I=1500 times 0.09 times 2

    I=1500 times 0.18

    I=270

    interest=270

    total is 1500+270=1770 total paied
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