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16-11-2018
Mathematics

contestada

Perry Mazza wants to borrow $30,000 from the bank. The interest rate is 6% and the term is for 5 years. What is the amount of interest paid?

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sqdancefan sqdancefan

10-03-2021

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Answer:

$9000

Step-by-step explanation:

If the loan is a simple interest loan paid in one lump sum, the amount of interest is ...

I = Prt . . . . . . annual rate r for t years

I = $30,000·0.06·5 = $9,000

The interest paid will be $9,000.

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26-04-2021

Answer:

Step-by-step explanation:

9,000

Answer Link

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