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20 October, 18:42

Ann took out a loan at the Bank of Florida with a principle amount of $7,000, at an interest rate of 6.5% for 3 years. What is the amount of her interest?

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  1. 20 October, 20:14
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    Amount = Principle (1+rate*time)

    22365 = 7000 (1.065 * 3)

    Interest = 22365 - 7000 = 15365
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