## Related questions with answers

Question

The Fort House Tea Room borrowed $17,500 for renovations at a simple interest rate of 6.85% for 4 years. The interest is to be paid annually. Find the amount of each annual interest payment.

Solution

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Answered 1 year ago

Step 1

1 of 5In this exercise, you have to find the annual interest on a loan of $\$17,500$ at a simple interest rate of $6.85\%$.

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