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AssignmentMultiple Choice

Credit and Loans

Question 1 • 2027 Ignite Financial Literacy-Personal Finance - EL3403

Use the formula for simple interest.A=(P)(r)(t)Remember, A refers to the interest accrued.Calculate the total interest Tom would pay, in addition to paying back his $9,000 in principal.

Answer
A
$970
B
$1,970
C
$2,970
D
$3,970
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