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Popular Word Problems >

Jeff takes out a \dollar1,200 loan for five years with an interest rate of 8%. How much interest will be due at the end of five years?

Solution

Solution

Interest : 480

Solution steps

Translate the problem into an equation:

I = 1200 \cdot 0.08 \cdot 5

Simplify

I = 1200 \cdot 0.08 \cdot 5

Interest : 480

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