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Find the interest on a loan of $3,910 at 12% per year for 3 years, six months.

User Tylerargo
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Answer:

To calculate the interest on a loan, we can use the simple interest formula:

Interest = Principal * Rate * Time

Given:

Principal (P) = $3,910

Rate (R) = 12% per year

Time (T) = 3 years + 6 months

First, let's convert the time to years. Since 6 months is half a year, we can represent it as 0.5 years.

Time (T) = 3 years + 0.5 years = 3.5 years

Now we can calculate the interest:

Interest = $3,910 * 0.12 * 3.5

Interest = $3,910 * 0.42

Interest = $1,639.20

Therefore, the interest on a loan of $3,910 at a 12% interest rate per year for 3 years and six months is $1,639.20.

Explanation:

User Pcnate
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