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) About Me  (Show Source):
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For simple interest rate of 6%, the interest for 2 years is

        I = 50000*0.06*2 = 6000 units.         ANSWER