Jerome borrows $2,000 at 6% from his bank and has to repay the loan after 3 years. How much interest will Jerome have to pay on the loan?

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asked Jul 17, 2021 175k views

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David Witherspoon · Answer 1 · 2021-07-22T23:07:56+0000

Answer: Repaying 2120, interest 120.

Explanation:

Since we are looking for interest for 3 years, and each year we must multiply 2000 by 1.06, and we are doing this 3 times, our result is 2000*1.06^3=2120

Jerome borrows $2,000 at 6% from his bank and has to repay the loan after 3 years. How much interest will Jerome have to pay on the loan?

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