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5% interest rate has the multiplier of 1.05 per year.

600 x 1.05^2 = 661.50

interest paid =661.50 - 600 = 61.50

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โˆ™ 2012-12-22 16:31:42
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Q: How much interest would you pay on a loan of 600 at 5 percent annal rate for two years?
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