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27 December, 11:19

Rita has a loan of 45,580. This loan has a simple interest rate of 4% per year. What is the amount of interest rhat rita will be charged on this loan at the end of one year?

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  1. 27 December, 14:59
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    Total Interest charged

    =principle*interest rate*time

    I=prt

    I=45,580*0.04*1

    I=1,823.2
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