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4. You were hoping that your trusty old Chevy would be your transportation through college. Unfortunately, it had a serious b

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Answer #1

9% interest is charged per year.

Accordingly the interest formula for simple interest is: I= Prt

I = 5400 * 9% * 4

I = 1944

Thus the amount of money which will be repaid is 1944 + 5400 = 7344.

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