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Fredrick received a $3,000 loan from the bank for a new appliance

Finance

Fredrick received a $3,000 loan from the bank for a new appliance. The bank is using the simple interest formula for this two year, 14.5% loan. What is his total interest? Multiple Choice $14500 $87000 $3,02900 $29.00

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Future value = Present value (1 + rate*time)

Future value = 3000 (1 + 0.145*2)

Future value = 3000 (1 + 0.29)

Future value = 3,870

Total interest = 3,870 - 3,000

Total interest = $870

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