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Jack takes out a student loan for $6,000 at a simple interest rate of 11.3% per year. How much total interest will Jack owe at the end of 6 years? Assume he does not make any payments during that time?
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2 votes
Jack takes out a student loan for $6,000 at a simple interest rate of 11.3% per year. How much total

interest will Jack owe at the end of 6 years? Assume he does not make any payments during that time?

User Hamdi Baligh
by
4.0k points

2 Answers

3 votes

Explanation:

6000

100+11.3÷100=1.113

6000x1.113(^6)

=

11405.71

or 11405.70

User BordiArt
by
4.4k points
1 vote

Answer:

$10,068

Explanation:

User Lisa Ta
by
5.3k points
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