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Popular Word Problems >

if you borrow 1,600 dollars for 6 years at an annual interest rate of 10% what is the total amount of money you will pay back?

Solution

i f yo u b orro w 1, 600 d o ll a rs f or 6 ye a rs a t an ann u a l in t eres t r a t e o f 10% w ha t i s t h e t o t a l am o u n t o f m o n ey yo u w i ll p a y ba c k ?

Solution

Amount : 2560

Solution steps

Translate the problem into an equation:

A = 1600 (1 + 0.1 \cdot 6)

1600 (1 + 0.1 \cdot 6) = 2560

Amount : 2560

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