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Miguel borrows $2000 for 3 years at 8% simple interest. How much will he have to pay altogether to pay off the loan, including interest?

Miguel borrows $2000 for 3 years at 8% simple interest. How much will he have to pay altogether to pay off the loan, including interest?
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Miguel borrows $2000 for 3 years at 8% simple interest.

How much will he have to pay altogether to pay off the loan, including interest?

asked
User Ditn
by
8.1k points

1 Answer

5 votes
interest+original=amount to pay off

intrest=prinicpal times rate times time
interest=2000 times 3 times 0.08
interest=480

so total is 2000+480 or 2480 to pay off
answered
User Nuno Silva
by
8.1k points
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