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Joe borrowed $8,000 from the bank at a rate of 7% simple interest per year. How much interest did he pay in 3 years?
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3 votes
Joe borrowed $8,000 from the bank at a rate of 7% simple interest per year. How much interest did he pay in 3 years?

User TheGoat
by
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1 Answer

5 votes

Answer:

$1680

Explanation:

make use of the simple interest formula:

PRT/100

P is the principle ($8000)

R is the rate of interest (7%)

T is the time (3)

= 8000*7*3 / 100

1680

User Gilamran
by
4.7k points
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