Suppose you borrow $710 for a term of four years at simple interest with an APR...

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Suppose you borrow $710 for a term of four years at simple interest with an APR of 3.51%. Determine the total you must pay ba

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Answer 1

Answer #1

Solution 1

We know that, simple interest I = P x R x T/ 100

Where P is the principle , R is the rate of interest and T is the time span

I = 710 x 3.51 x 4 /100

As APR is 3.51 = R and time span is 4 years

I = 99.684

So total amount payable = principle + interest

= $ 710 + $99.684

= $809.684 -------Answer

Total of $809.684 has to be payback on the loan.

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Answer 2

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