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15 votes
15 votes
Lily's car broke down the weekend before she started a new job. She borrowed $880 from her parents at an annual interest rate of 3% to quickly pay for the car repairs. If Lily paid her parents a total of $893.20 in six months how much simple interest did she pay?

User Mario Ruiz
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1 Answer

11 votes
11 votes

\begin{gathered} I=PV\cdot r\cdot t \\ I=880\cdot0.03\cdot0.5=13.2 \end{gathered}

Or you can simply:


893.2-880=13.2

User Nasser AlNasser
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