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Dave has a three-year college plan loan for $10,000. the lender charges a simple interest rate of 6%. How much interest will he have to pay?

Dave has a three-year college plan loan for $10,000. the lender charges a simple interest rate of 6%. How much interest will he have to pay?
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4 votes
Dave has a three-year college plan loan for $10,000. the lender charges a simple interest rate of 6%. How much interest will he have to pay?

User Knight Yoshi
by
7.1k points

2 Answers

4 votes
The interest he will have to pay is: 0.06×10000=600
The interest he will have to pay is $600
User Shanita
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8.0k points
1 vote
Simple Interest = Principle × time × rate
10000 × 3 × 6% = 1800
User Alphayax
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8.4k points
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