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You take out a loan for $550 at a rate of 4.5% for 3 years. At the end of 3 years, how much interest has accumulated on the loan?

You take out a loan for $550 at a rate of 4.5% for 3 years. At the end of 3 years, how much interest has accumulated on the loan?
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You take out a loan for $550 at a rate of 4.5% for 3 years. At the end of 3 years, how much interest has accumulated on the loan?

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User Sebastian Bergmann
by
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1 Answer

4 votes
550 * 4.5% = 24.75

24.75 * 3 = 74.25

The loan has accumulated to $74.25

The total paid back would be $624.25

Hope I could help :)
answered
User Chinmay Mourya
by
8.5k points
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