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A loan of $40,000 at 12% for 10 years, how much do you wind up paying back?

A loan of $40,000 at 12% for 10 years, how much do you wind up paying back?
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A loan of $40,000 at 12% for 10 years, how much do you wind up paying back?

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User Funtime
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8.2k points

1 Answer

5 votes
We know the simple interest formula is:

I = Prt

Just plug in values (12% = 0.12):

I = (40000)(0.12)(10)=$48000

So, you end up paying back $48000.
answered
User Richi W
by
8.5k points
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