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ngie takes a loan of $1000 that has a simple interest rate of 3% annually. What is the amount of interest accrued after 2 years?

Guest May 1, 2017
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3% means: 3/100 = 0.03, so

1,000 x 0.03 =30 simple interest for 1 year

30 x 2 = $60 simple interest for 2 years.

Guest May 1, 2017

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