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The following information is known about a loan. time 4 years Interest rate 3.1% Original amount of loan 1,200 what amount of simple interest will be paid on the loan? $37.20 $148.80 $1,051,20 $1,348.80
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1 vote
The following information is known about a loan.

time 4 years
Interest rate 3.1%
Original amount of loan 1,200

what amount of simple interest will be paid on the loan?

$37.20
$148.80
$1,051,20
$1,348.80

User Djeeg
by
7.5k points

2 Answers

3 votes

Answer:

B

Explanation:

User Simon Gibbons
by
8.8k points
2 votes
Interest = principal*rate*time

= 1200*0.031*4 = 148.80
User John Mo
by
8.8k points
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