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21-08-2020
Business

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Ms. Jackson borrowed $42,000 at 8.75% annual simple interest. If exactly 1 year later she was able to repay the loan without penalty, how much interest would she owe

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21-08-2020

Answer:

$3675

Explanation:

Interest = principal x interest rate x year

= $42,000 x 0.0875 x 1 = $3675

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