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What is interest earned on a 30,700 loan tht has been taken out for over 10 years at 5.24% interest

What is interest earned on a 30,700 loan tht has been taken out for over 10 years at 5.24% interest
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What is interest earned on a 30,700 loan tht has been taken out for over 10 years at 5.24% interest

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User Vangi
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1 Answer

4 votes
Use the formula i = p*r*t, where r is the annual interest rate expressed as a decimal fraction.

Then i = $30700*0.0524*10 = $16086.80 (answer)
answered
User Fayssal El Mofatiche
by
7.7k points
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