What is interest earned on a 30,700 loan tht has been taken out for over 10 years at 5.24% interest

asked Jun 7, 2019 49.0k views

2 votes

by Vangi

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Use the formula i = p*r*t, where r is the annual interest rate expressed as a decimal fraction.

Then i = $30700*0.0524*10 = $16086.80 (answer)

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