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Sam borrows R7000 from a Bank at 14% p.a ,simple interest for 5 years. How much does he have to pay back to the Bank at the end of 5 years period.​

Sam borrows R7000 from a Bank at 14% p.a ,simple interest for 5 years. How much does he have to pay back to the Bank at the end of 5 years period.​
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Sam borrows R7000 from a Bank at 14% p.a ,simple interest for 5 years.

How much does he have to pay back to the Bank at the end of 5 years period.​

asked
User Brando Zhang
by
8.3k points

1 Answer

2 votes

Answer:

$ 4,900.00

Explanation:

I = 7000 × 0.14 × 5 = 4900

I = $ 4,900.00

answered
User Rudi Visser
by
8.4k points
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