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You want to start your own business so you borrow $50,000 from the bank to pursue your dreams. You borrow it for 5 years at 3.2% simple interest rate. What is the interest INTEREST owed?

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chrisvalenzuela1
Plz help I’m getting timed
goodLizard

Answer:

$8000

Step-by-step explanation:

[tex]I=PRT[/tex] (I = interest, p = principal, r = interest rate, t = time. This only applies to simple interest)

[tex]I=\$50000\times3.2\%\times5[/tex] (assuming that it is [tex]3.2\%[/tex] p.a)

[tex]I=\$8000[/tex]

∴ The interest owed is $8000.

Hope this helps :)

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