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OpenStudy (anonymous):
Leo paid $2400 in interest on an amount borrowed for 10 years at a 4% annual simple interest rate. How much did Leo borrow?
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OpenStudy (anonymous):
We know that interest = Amount borrowed *time * interest rate We paid $2400 on interest Time= 10 years Interest rate = 4% =.04 Plug in all the variables and solve for amount borrowed
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