SOLUTION: Joanna's parents agree to loan her the money for a car. They will loan her $5,000 for 5 years at 5% simple interest. How much will Joanna pay in interest to her parents?
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Question 412630: Joanna's parents agree to loan her the money for a car. They will loan her $5,000 for 5 years at 5% simple interest. How much will Joanna pay in interest to her parents?
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
I=Prt
I=5000*0.05*5
I=$1,250
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