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OpenStudy (anonymous):
1. Wanda took out a personal loan for $16,000 at 9% simple interest. a. How much interest will she pay after 5 years? b. Suppose she pays off the loan in 3 years instead of 5 years. How much money will she save in interest?
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OpenStudy (amistre64):
I=Prt in simple interest
OpenStudy (amistre64):
a) I = 16000(.09)(5)
OpenStudy (amistre64):
b) is (a) - 16000(.09)(3)
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