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Gerry is borrowing money from a friend at a simple interest rate of 4%. If she borrows $2000 and plans to pay it back in 2 years, how much interest will she owe?

Gerry is borrowing money from a friend at a simple interest rate of 4%. If she borrows $2000 and plans to pay it back in 2 years, how much interest will she owe?
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5 votes
Gerry is borrowing money from a friend at a simple interest rate of 4%. If she borrows $2000 and plans to pay it back in 2 years, how much interest will she owe?

User Darkhorse
by
8.4k points

1 Answer

5 votes
I= prt
I= 2000 x 2 x .04
Interest is $160
Total it'll be $2160
User Unmitigated
by
8.6k points
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