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17 April, 16:26

Find the simple interest Jay owes on a five-year student loan of $48,000 with an annual interest rate of 5%.

$2,400

$60,000

$120,000

$12,00

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Answers (1)
  1. 17 April, 18:33
    0
    Use the equation I=prt where interest = principal times rate times time.

    Fill it out, it becomes I = 48000 (.05) (5)

    I = 12000
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