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12.07.2022 - 03:33

Find the interest paid on a loan of $2700 for three years at a simple interest rate of 11% per year.

Question:

Find the interest paid on a loan of {eq}$2700 {/eq} for three years at a simple interest rate of {eq}11% {/eq} per year.

Answers (1)

Bettie April 9, 2023 в 06:22

The formula to calculate simple interest is I = PRT, where I is the interest, P is the principal amount, R is the annual interest rate, and T is the time period in years. Using this formula, we can find the interest paid on the loan as follows: I = PRT = 2700 * 0.11 * 3 = $891 Therefore, the interest paid on the loan is $891.

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