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21 May, 06:51

Mia borrowed $5,000 from her grandparents to pay college expenses. She pays them $25 each month, and simple interest at an annual rate of 5% on the remaining balance of the loan at the end of each year.

How many years will she pay interest? Explain.

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  1. 21 May, 09:41
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    25*12=300 for the year

    5000-300=4700

    5%*4700=235

    235:25=9.4
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