Miguel borrows $2000 for 3 years at 8% simple interest. How much will he have to pay altogether to pay off the loan, including interest?

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asked Apr 5, 2018 10.2k views

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Nuno Silva · Answer 1 · 2018-04-12T09:21:47+0000

interest+original=amount to pay off

intrest=prinicpal times rate times time
interest=2000 times 3 times 0.08
interest=480

so total is 2000+480 or 2480 to pay off

Miguel borrows $2000 for 3 years at 8% simple interest. How much will he have to pay altogether to pay off the loan, including interest?

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