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A bank offers an annual simple interest rate of 8% on home improvement loans. How much would Tobias owe of he borrowed $17,000 over a period of 2 years?
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A bank offers an annual simple interest rate of 8% on home improvement loans. How much would Tobias owe of he borrowed $17,000 over a period of 2 years?

User Nklauza
by
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1 Answer

5 votes
find interest and add that to 1700
I=PRT
T=2
P=17000
R=8%=0.08
I=2(1700)(0.08)
I=272

add
17000+272=17272

total is $17272
User Serhii Shemshur
by
8.4k points
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