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A loan of $40,000 at 12% for 10 years, how much do you wind up paying back?
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A loan of $40,000 at 12% for 10 years, how much do you wind up paying back?

User Funtime
by
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1 Answer

5 votes
We know the simple interest formula is:

I = Prt

Just plug in values (12% = 0.12):

I = (40000)(0.12)(10)=$48000

So, you end up paying back $48000.
User Richi W
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