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28 September, 13:02

3500 borrowed over 5 years with a interest rate of 4%

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  1. 28 September, 14:10
    0
    end of 1 year is 3640
  2. 28 September, 16:09
    0
    Answer is 700

    Eplanation: convert the R percent to r a decimal r=R/100=4%/100=0.04 per year, then, solving your equation I=3500*0.04*5=700

    I=700
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