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19 July, 11:26

Caleb bought a $795 necklace for his wife's birthday. If he bought it on credit with an interest rate of 16.25%, how much total will he have paid after three years?

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  1. 19 July, 13:33
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    Answer: The total amount that he would have paid after 3 years is

    $1183

    Step-by-step explanation:

    We would apply the formula for determining simple interest which is

    expressed as

    I = PRT/100

    Where

    I represents interest paid on the amount owed.

    P represents the principal or initial amount owed.

    R represents interest rate

    T represents the duration for which the amount was owed in years.

    From the information given,

    P = $795

    R = 16.25

    T = 3 years

    Therefore,

    I = (795 * 16.25 * 3) / 100

    I = $388

    The total amount that he would have paid after 3 years is

    795 + 388 = $1183
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