Rafael borrows $600. He makes no payments until the end of six years, when he pays off the entire loan. The lender charges simple interest at an annual rate of three percent. Solve for total interest rafael has to pay as well as total payment
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The formula is: \[ \text{Interest} = P \times r \times t \] where: - \( P \) is the principal amount (the initial amount borrowed), - \( r \) is the annual interest rate (in decimal form), - \( t \) is the time in years. Show more…
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