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Understanding Interest Practice

Complete this assessment to review what you've learned. It will not count toward your grade.
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Question
Determine the accrued interest amount of a $5,000 student loan with a simple interest rate of 5.4% over a period of 8 years. Round the answer to two decimal places as needed.(1 point)
The accrued interest amount is $.

1 answer

The accrued interest amount is $2,160.
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