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A company borrows $52,500 for 5 years at a simple interest of 3.5% to buy cabinets.

A company borrows $52,500 for 5 years at a simple interest of 3.5% to buy cabinets.
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A company borrows $52,500 for 5 years at a simple interest of 3.5% to buy cabinets.

User Jack Koenig
by
9.5k points

1 Answer

2 votes
I=Prt is the correct formula to find simple interest.
I=52500(.035)(5)
I=9187.5

Answer: $9,187.50
User MalcolmOcean
by
8.1k points
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