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Gael has a car loan for $34,570. This loan has a simple interest rate of 3% per year. What is the amount of interest Gael will be charged on his car loan at the end of 5 years?
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Gael has a car loan for $34,570. This loan has a simple interest rate of 3% per year. What is the amount of interest Gael will be charged on his car loan at the end of 5 years?

User Jacob Lyles
by
7.7k points

2 Answers

4 votes
5185.5
Workin on in class
User Duncanwilcox
by
8.0k points
3 votes

Answer:

5185.5

Explanation:

I=PRT

I=$34570×0.03×5

=5185.5

User Tudor Lozba
by
8.2k points
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