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You borrow $1900 to buy a refrigerator. The simple interest rate is 11%. You pay off the loan after 5 years. How much do you pay for the loan?

You borrow $1900 to buy a refrigerator. The simple interest rate is 11%. You pay off the loan after 5 years. How much do you pay for the loan?
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4 votes
You borrow $1900 to buy a refrigerator. The simple interest rate is 11%. You pay off the loan after 5 years. How much do you pay for the loan?

asked
User Ahmed Dhanani
by
7.7k points

1 Answer

3 votes
I = PRT is the formula to use for this.

I = (1900)(.11)(5)
I = 1045

1900 + 1045 = 2945

I need to pay $2945 for the refrigerator.
answered
User Mudiaga Ejenavi
by
7.6k points
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