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OpenStudy (anonymous):
Suppose a bank loans $5,000 at an interest rate of 4% compounded annually. Find the total amount of interest owed on the loan after 3 years. A. $200.00 B. $416.67 C. $600.00 D. $624.32
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OpenStudy (dejmccray):
I=PRT: I=5,000*.04*3=600 which is C
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