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24-02-2017
Mathematics

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Find the amount paid for the loan.

$2000 at 12% for 3 years

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24-02-2017

They paid $720

Here's why:
The formula to this is Interest = Principal x Rate x Time or i = prt
Principal = $2000
Rate = 12%
Time = 3 years
2000 x .12 x 3 = i PEMDAS
2000 x .12 = 240
240 x 3 = 720
i = $720

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