Find the amount paid for the loan.
$4800 at 9.9% for 4 years

Solution:

Given that,

Principal = $ 4800

rate of interest = 9.9 %

number of years = 4 years

Use the simple interest formula

Find the interest:

Where, p is the principal and n is number of years and r is rate of interest

Find the amount:

Amount = principal + interest

Amount = 4800 + 1900.8 = 6700.8

Thus the amount paid for loan is $ 6700.8

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