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Ms. Lee takes out a loan to start a business. She borrows $5,000 of a simple annual interest rate of 6. 5% for 5 years. What is the total amount of interest Ms Lee must pay
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17 votes
17 votes
Ms. Lee takes out a loan to start a business. She borrows $5,000 of a simple annual interest rate of 6. 5% for 5 years. What is the total amount of interest Ms Lee must pay

User Lisa Ta
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1 Answer

6 votes
6 votes

Answer:

A = $6,625.00

Explanation:

A = P(1 + rt)

A = 5000(1 + (0.065 × 5)) = 6625

User Rajeev Bera
by
3.6k points
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