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29-10-2020
Mathematics

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You get a student loan from the New Mexico Educational Assistance Foundation to pay for your educational expenses this year. Find the interest on the loan if you borrowed $5000 at 5% interest for 1 year.

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29-10-2020

Answer:

$5,250

Step-by-step explanation:

$5000 x 0.05 x 1

$5000 x 0.05 = $250

$5000 + $250 = $5250

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