Answered

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Tyler borrowed $2,000 at an 11.5% simple interest rate. How much will Tyler pay in interest at the end of 5 years?

Sagot :

Answer:

$1,150

Step-by-step explanation:

The computation of the interest that should be paid at the end of 5 years is shown below:

As we know that

Simple interest = Principal × rate of interest × time period

= $2,000 × 11.5% × 5

= $1,150

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