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BUSINESS 124 Section 6-2 - Interest-Blank-1/Sec 6.2 – Simple and Compound Interest Decision Making in Finance
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1. James is borrowing $2000 from his employer and will pay it back at the end of 3 years. The employer lending the money asks that James pay simple interest of 3% annually. Using the simple interest formula, I=P∙ R∙T , determine how much interest James will have to payback in addition to the ...
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