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A family club keeps a small amount of money on hand for members to borrow for short periods of time. The simple interest charged is 7.5%. Stephen borrowed $5,000 for 3 months. How much, to the nearest dollar, was he required to pay back at the end of 3 months?

1 Answer

6 votes

Answer:

$6125

Explanation:

5000 x 3 x .075 = 1,125

5000 + 1125 = 6125

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