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01-05-2017
Mathematics

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Wallace took out a $5000 loan for 6 years. He is being charged 4% interest, compounded annually. Calculate the total amount he will pay?

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Ellsonic Ellsonic

01-05-2017

$6200 dollars. 4% of 5000 is $200, and 200 times 6 is $1200. $5000 plus $1200 is $6200

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