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Emma found a 4% interest rate for a $2750 loan for a 3-year term. Blake found the same 4% interest rate on a $2750 loan for a 5-year term. How much more interest will Blake pay on the $2750 loan with the
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Emma found a 4% interest rate for a $2750 loan for a 3-year term. Blake found the same 4% interest rate on a $2750 loan for a 5-year term. How much more interest will Blake pay on the $2750 loan with the longer term?

User Anddo
by
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2 Answers

4 votes
0.4×2750×3
0.4×2750×4
User Elton Stoneman
by
8.9k points
4 votes
The formula is
I=prt

I1=2,750×0.04×3=330

I2=2,750×0.04×5=550

The difference (how much more)
I2-i1
550−330=220.....answer
User John Siracusa
by
8.3k points
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