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9 March, 14:27

If $10,500 is borrowed for 5 years at an annual simple interest rate of 1.73%, how much interest will be paid if the entire loan is paid off at the end of the fifth year?

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  1. 9 March, 17:25
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    So, yearly $2100 is paid, plus the 1.73% interest, so 1.73% interest is $2136.33every year interest stacks on itself so youll take 1.73% of the year 1 total with interest.

    Year 1 total: $2136.33

    Year 2 total:$2173.29

    Year 3 total:$2210.89

    Year 4 total:$2249.14

    Year 5 total:$2288.05

    Total Paid After 5 years:$ 11057.70

    Year 1 total interest:$36.33

    Year 2 total interest:$36.96Year 3 total interest:$37.60Year 4 total interest:$38.25Year 5 total interest:$38.91

    Total Interest paid after 5 years:$188.05
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