claudiseliss586 claudiseliss586

03-01-2024
Mathematics

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To go on a summer trip, Eric borrows $800. He makes no payments until the end of 4 years, when he pays off the entire loan. The lender charges simple interest at an annual rate of 3%. What is the total amount that Eric will have to repay at the end of 4 years?

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georgepahno georgepahno

03-01-2024

Answer:

$800 + $800(.03)(4) = $800 + $96 = $896

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