You borrow $1000 on a simple interest loan. You pay an annual rate of 3.5%. You will take 3 years to pay back the loan. How much interest will you pay?

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asked Mar 3, 2020 111k views

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You borrow $1000 on a simple interest loan. You pay an annual rate of 3.5%. You will take 3 years to pay back the loan. How much interest will you pay?

Mathematics
high-school

Joshayers asked

by Joshayers

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1 Answer

3 votes

Answer:

$ 54.87

Explanation:

PericlesTheo answered Mar 6, 2020

by PericlesTheo

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