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How much interest will be paid in 1 year for a loan of $4200 at 8 1/2% simple interest?
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5 votes
How much interest will be paid in 1 year for a loan of $4200 at 8 1/2% simple interest?

User DniHze
by
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2 Answers

3 votes
Assuming interest paid annually, $4,200 * 1.085 = $4557, therefore total interest paid equals $357
User Suneet Nangia
by
7.7k points
0 votes
i=ptr
i= (4200)(1)(0.085)
i= $357
4200+357
$4557
User Olivier Tabone
by
8.4k points
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