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Fred Erickson borrows $2,500 for 3 years at 9% annual interest. His montly payment is $79.50. How much total interest will he pay on the loan? A. $238.50 B. $362.00 C. $2,146.50 D. $2,862.00

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wolf1728
He will pay $79.50 per month for 3 years which equals a total of
79.50 * 36 months = 2,862.00
2,862.00 minus 2,500.00 principal = 362.00 interest
answer is B

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