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Apsana:
Owen has a loan for 3700 at a rate of 5% annually. If the interest is not compounded, what is the total amount of repayment if the loan is for 7 years?
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Mercury:
not compounded, so that makes our calculation a lot easier 5% of 3700 is just 0.05 * 3700, then multiply that by 7 to get the total interest then add the result from that onto the original 3700 loan to get the total repayment
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