SOLUTION: A woman uses a loan program for small businesses to obtain a loan to help expand her vending machine business The woman borrows \$25,000 for 2 years with a simple interest rate of
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Question 1155228: A woman uses a loan program for small businesses to obtain a loan to help expand her vending machine business The woman borrows \$25,000 for 2 years with a simple interest rate of 1.7%. Determine the amount of money the woman must repay after 2 years? Answer by mananth(16946) (Show Source):
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Simple Interest = p*r*t
Here p = 25000, r=1.7% t=2 years
SI = 25000*0.017*2 =850
25000 +850 = 25850
Repayment $ 25850
