Answered

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June takes a loan of $5,000 to buy new furniture at the rate of 6% simple interest for 2 years. Calculate the annual interest to be paid for the loan amount. $560 $450 DOOO $500 $600

Sagot :

as the interest is for 2 years we get that it is the 12% of the total loan. SO

[tex]5000\cdot0.12=600[/tex]

so the answer is $600

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