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Find the amount of interest he will pay on the loan

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Reference no: EM131621100

Question: Jacob borrowed $30,000 to start up his consulting business. The loan had a simple interest rate of 6.2% for 3 years. Use the formula to find the amount of interest he will pay on the loan I = interest; p = principal; r = rate (expressed as a decimal 0.062); in years.

Reference no: EM131621100

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