Joe borrowed $8,000 from the bank at a rate of 7% simple interest per year. How much interest did he pay in 3 years?

Question

Joe borrowed $8,000 from the bank at a rate of 7% simple interest per year. How much interest did he pay in 3 years?

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Khoii Minh 2 months 2021-07-22T13:44:11+00:00 1 Answers 3 views 0

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    2021-07-22T13:46:00+00:00

    Answer:

    $1680

    Step-by-step explanation:

    make use of the simple interest formula:

    PRT/100

    P is the principle ($8000)

    R is the rate of interest (7%)

    T is the time (3)

    = 8000*7*3 / 100

    1680

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