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Question

Find the simple interest paid to the nearest cent for each loan amount, interest rate, and time. $725, 6.25%, 1 year

Solution

VerifiedStep 1

1 of 2The simple interest formula is:

$I=prt$

with $I$ the interest, $p$ the principal, $r$ the annual interest rate and $t$ the time in years.

Fill in the known values:

$I=\$725\times 0.0625\times 1=\$45.31$

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