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Rebecca and Peter borrowed 2500 at a simple interest rate of 7% for a period of 3 years. What was the interest?

Solution

Rebecca and Peter borrowed 2500 at a simple interest rate of 7% for a period of 3 years. What was the interest?

Solution

Interest : 525

Solution steps

Translate the problem into an equation:

I = 2500 \cdot 0.07 \cdot 3

Simplify

I = 2500 \cdot 0.07 \cdot 3

Interest : 525

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