Question

5

10
Joe borrowed $7,000 from the bank at a rate of 7% simple interest per year. How much interest did he pay
in 3 years?
In 3 years, Joe pays $
in interest.

Answer 1

Hi! You would firstly find 7% of $7000
7%=7000/100x7=490
$490 per year.

In 3 years: 490x3=1470

Total=$7000+$1470=$8470

I hope this helped!

Answer 2

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Explanation:

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