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Popular Word Problems >

If you borrow $12000 for 6 years at an annual interest rate of 6.5% , what is the total amount of money you will pay back?

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Solution

Solution

Amount:16680
Solution steps
Translate the problem into an equation:A=12000(1+0.065⋅6)
12000(1+0.065⋅6)=16680
Amount:16680

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