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Xander is starting his own small business. He borrows $10,000 from the bank at a 4% rate for 5 years. Find the interest he will pay on this loan.

Respuesta :

samuelonum1

Answer:

$6000

Step-by-step explanation:

Given data

Principal=$10000

Rate=4%

time=15years

The simple interest id found by

SI=PRT/100

substitute

SI=10000*4*15/100

SI= 600000/100

SI=$6000

Hence the interest is $6000

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