andiescalante1 andiescalante1

25-02-2020
Mathematics

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You borrow $1500 for a car loan. It is 5% simple interest over 4 years. How much interest will you owe?

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tolaosunrinde tolaosunrinde

25-02-2020

Answer: $300

Step-by-step explanation:

Simple interest is calculated by multiplying the daily interest rate by the principal, by the number of days that elapse between payments.

P×R×T

$1500×5/100×4years

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