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14 September, 22:15

Joanna's parents agree to loan her the money for a car. They will loan her $7,000 for 5 years at 4.5 simple interest. How much will joanna pay interest to ger parents?

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  1. 14 September, 23:24
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    The loan is 7000

    so per year the interest will be (7000*4.5) / 100=315

    315*5=1575.00 will be the interest in 5 years
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