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Mathematics 13 Online
OpenStudy (anonymous):

can i have help with an explaination How much interest will be paid in 1 year for a loan of $3600 at 8 1/2% simple interest?

OpenStudy (whpalmer4):

Simple interest means there is no compounding. Interest paid will just be the interest rate (expressed as a decimal) * principal amount * the number of years. Try it and tell me what you get.

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