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19 January, 08:35

Casseia borrows $1,100 to buy new furniture for her dorm room. If the simple interest rate is 4.5%, how much interest will she have to pay in 3 years?

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  1. 19 January, 10:46
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    Step-by-step explanation:

    The formulae for simple interest is PxRxT/100 where P is the principal, R the Rate and T the time. P = 1100 R = 4.5 and T = 3. Therefore 1100*4.5*3/100=148.5. Implies the Simple Interest is $148.5
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