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Find interest paid on a loan at given annual simple interest

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Reference no: EM131622960

Question: 1. Find the interest paid on a loan of $2,400 for one year at a 2% simple interest rate of 11% per year.

2. Find the interest paid on a loan of $800 at 8(1/2)% annual simple interest for two years.

3. How much interest will have to be paid on a loan of $7,980 for two years at a simple interest rate of 6.2% per year?

Reference no: EM131622960

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