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    amoras's Avatar
    amoras Posts: 2, Reputation: 1
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    #1

    Jan 17, 2013, 11:17 AM
    If I borrow $3000 at 7% interest for 16 years how much interest will I pay?
    If I borrow $3000 at 7% interest for 16 years how much interest will I pay?
    amoras's Avatar
    amoras Posts: 2, Reputation: 1
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    #2

    Jan 17, 2013, 11:18 AM
    If I borrow $3000 at 7% interest for 16 years how much interest will I pay?
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #3

    Jan 17, 2013, 12:05 PM
    The formula to calculate the basic interest amount is:
    Interest = Principal * Rate * Time

    In real life you do not have enough information to calculate the actual amount of interest that will be paid. You will need to know the number of payments, amount of payments, and the compounding of interest.
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