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Mr. Adeb takes out an $8,000 personal loan to restore his antique car. The bank loans him the money at 4.5% simple interest for 4 years.

a. How much will Mr. Adeb pay in interest? _

b. What is the total cost of the restoration including the interest? _

Mr. Adeb takes out an $8,000 personal loan to restore his antique car. The bank loans him the money at 4.5% simple interest for 4 years.

a. How much will Mr. Adeb pay in interest?

b. What is the total cost of the restoration including the interest?

Respuesta :

Answer:

A) $1440

B) $9440

Step-by-step explanation:

A) 4.5% x $8000 = $360 x 4 years = $1440

B) $1440 + $8000 = $9440

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