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Business, 15.04.2020 23:50 michellermccarty

Bruce takes out a personal loan of $1,000 to go on a trip to Florida. His loan has an annual simple interest rate of 10%.

When you calculate Bruce’s debt, be sure to use the formula for simple interest.
A = (P)(r)(t)

Bruce borrowed $1,000 for his trip.

If Bruce waits for five years to begin paying back his loan, how much will he owe?

$1,200
$1,300
$1,500
$1,800

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