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Mari took out a student loan for $1,800 at 8.5% simple interest for 2 years. How much was the total amount she paid on the loan
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Mari took out a student loan for $1,800 at 8.5% simple interest for 2 years. How much was the total amount she paid on the loan

User Raja Manickam
by
9.2k points

1 Answer

1 vote
Hi there
The formula is
A=p (1+rt)
A future value?
P present value 1800
R interest rate 0.085
T time 2 years

A=1,800×(1+0.085×2)
A=2,106

Hope it helps
User Bisw
by
8.4k points
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