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14 February, 11:17

You borrow $1900 to buy a refrigerator. The simple interest rate is 11%. You pay off the loan after 5 years. How much do you pay for the loan?

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  1. 14 February, 13:46
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    I = PRT is the formula to use for this.

    I = (1900) (.11) (5)

    I = 1045

    1900 + 1045 = 2945

    I need to pay $2945 for the refrigerator.
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