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business math

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Jill Ley took out a loan to pay for her child's education for $60,000. The loan would be repaid at the end of 8 years in one payment with an interest of 6 percent. The total amount Jill has to pay back at the end of the loan is:

  • business math -

    Interest = principal * rate * time

    I = 60,000 * 0.06 * 8

    I = 28,800

    60,000 + 28,800 = ?

  • business math -

    88,800

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