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hanahleekim

D. $4995.00


I just use my shortcuts here:


0.05 times 7 years is 0.35. The TOTAL amount, so 3700*1.35.

That is 4995

Hope this helps!!

Ok, so you would use the simple interest equation, I=PRT where you are solving for I (interest). So, you would solve using P=3700, R= .05(percent in decimal form) and T=7 years. Multiply that all together and you answer would be $1295. But, that is just the interest so in order to get the total repayment you must add that number to 3700. So the answer would be D, $4995

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