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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?
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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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