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An online lending company is offering simple interest personal loans based on consumer credit scores. With your credit score, you can borrow $2200 for 5 years at an interest rate of 11.55%. How much money will you pay the lending company at the end of 5 years? Round your answer to the nearest cent, if necessary.

1 Answer

5 votes

Answer:

$3469.50

Explanation:

I=2200×0.1155×5

I=2200×0.5775I=2200×0.5775

I = $1269.50

total = 2200+1269.5

$3469.50

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