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Laura borrowed $48,000 at a 6% interest rate for 7 years. what was the total interest?

Laura borrowed $48,000 at a 6% interest rate for 7 years. what was the total interest?
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Laura borrowed $48,000 at a 6% interest rate for 7 years. what was the total interest?

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User Olvin Roght
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1 Answer

5 votes
Principal Amount P = $ 48000
Rate of interest r = 6% = 0.06
Time interval t = 7
Formula for Interest I = P x r x t => I = 48000 x 0.06 x 7 => I = 2880 x 7
Total Interest for seven years would be $20,160
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User Pissall
by
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