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18-11-2020
Mathematics

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What is the annual interest on a rate 5,000 loan with a simple interest of 6%

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sqdancefan sqdancefan

18-11-2020

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Answer:

300

Step-by-step explanation:

The annual interest is the product of the annual interest rate and the loan amount:

I = Prt

I = 5000·0.06·1 = 300

The annual interest on a 5,000 loan at 6% is 300.

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