Joe borrowed 8000 on a one year note at 13. How much will Joe owe when the note comes due?

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1259637

2026-04-30 20:00

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To calculate how much Joe will owe when the note comes due, we can use the formula for simple interest: (A = P(1 + rt)), where (A) is the total amount owed, (P) is the principal amount (8000), (r) is the interest rate (0.13), and (t) is the time in years (1).

Plugging in the values: (A = 8000(1 + 0.13 \times 1) = 8000(1 + 0.13) = 8000 \times 1.13 = 9040).

Therefore, Joe will owe $9,040 when the note comes due.

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