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6 September, 21:02

How much simple interest will be charged on a 40,000 loan with a 7% interest rate that is paid back in 4 years?

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  1. 6 September, 22:39
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    Answer:$11200

    Step-by-step explanation:

    I = prt

    I = 40,000 (.07) (4)

    I = $11200
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