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Nick borrowed $7150, to be repaired at an annual simple interest rate of 6.25%. How much interest will be due after 5 years? How much will Nick have to repay?

Nick borrowed $7150, to be repaired at an annual simple interest rate of 6.25%. How much interest will be due after 5 years? How much will Nick have to repay?
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Nick borrowed $7150, to be repaired at an annual simple interest rate of 6.25%. How much interest will be due after 5 years? How much will Nick have to repay?

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User Lisardo
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1 Answer

5 votes
$2,234.38 after 5 years and he will have to repay $9,384.38.
answered
User Sielakos
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7.9k points
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