Question 729568
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Calculate simple interest payable on a loan of $12000 borrowed from a bank at 15% per annum for 3 years.
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<pre>
Use standard formula for the simple interest

    I = 12000*3*0.15 = 5400 dollars.    <U>ANSWER</U>
</pre>

Solved.


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The answer in the post by @lynnlo is incorrect, so ignore his post.