SOLUTION: how much interest is charged when 50,000 is borrowed for 2 years at an annual interest of 6%?
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Question 1175459: how much interest is charged when 50,000 is borrowed for 2 years at an annual interest of 6%?
Answer by ikleyn(52781) (Show Source): You can put this solution on YOUR website!
.
For simple interest rate of 6%, the interest for 2 years is
I = 50000*0.06*2 = 6000 units. ANSWER
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