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A new business borrows $320,000 at a yearly simple interest rate of 7%. The total amount the
company repays for the loan and interest is $678,400. How long did it take to pay off the loan?

Respuesta :

Answer:

16 years

Step-by-step explanation:

Annual interest payment is 7% * 320k = 22,400

Total interest is 678400-320000=358400

358400/22400=16

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