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12 December, 05:30

Mr. Hobbs took out a loan of $12,000 for 4 years at a simple annual

interest rate of 7%. How much interest did he pay?

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Answers (1)
  1. 12 December, 06:37
    0
    Step-by-step explanation:

    I = P*r*t

    I = 12000 * 7% * 4

    Total interest paid was $3360.
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