SOLUTION: Alvin borrowed $7,000 from his cousin to purchase a car at a simple interest rate of 4% How much interest will he owe his cousin after 3 years?

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Question 1131332: Alvin borrowed $7,000 from his cousin to purchase a car at a simple interest rate of 4% How much interest will he owe his cousin after 3 years?
Found 2 solutions by Boreal, MathTherapy:
Answer by Boreal(15235) About Me  (Show Source):
You can put this solution on YOUR website!
the amount owed will be 7000(1+.04)^3=$7874.05
the amount of interest is $7000 less than that or $874.05

Answer by MathTherapy(10552) About Me  (Show Source):
You can put this solution on YOUR website!

Alvin borrowed $7,000 from his cousin to purchase a car at a simple interest rate of 4% How much interest will he owe his cousin after 3 years?
Correct answer: highlight_green%28%22%24840%22%29

Accept NO OTHER answer!