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  • May 10, 2009, 04:38 AM
    861966
    Simple interest
    The simple interest charged on a loan of $55000 is $42350 at 7% p.a. How many years will it take to repay the loan?
  • May 10, 2009, 05:23 AM
    ROLCAM
    si = p*r*t

    42,350 = 55,000*.07*t

    3,850t = 42,350

    11 years.

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