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You borrow $1600 to buy a living room set. The simple interest rate is 9%. You pay off the loan after 3 years. How much do you pay for the loan?

You borrow $1600 to buy a living room set. The simple interest rate is 9%. You pay off the loan after 3 years. How much do you pay for the loan?
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5 votes
You borrow $1600 to buy a living room set. The simple interest rate is 9%. You pay off the loan after 3 years. How much do you pay for the loan?

asked
User James Pack
by
8.0k points

1 Answer

11 votes

Answer:

You don't have to take my answer but I'm pretty sure it's $509 a month

Explanation:

answered
User Atticus
by
8.3k points
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