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March 27, 2017

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Borrower Brown borrowed $8,000 from the bank. He will pay 6% simple interest on the remaining balance of the loan in semi-annual equal PRINCIPAL payments for four years. How much total interest will Borrower Brown pay over the life of his loan?

  • Loan - ,

    I = PRT

    I = 8,000 * 0.06 * 4

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