GRE Problem Solving Question 37

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Source: Kaplan

Samuel borrowed $5,000 to help get his business started. He took out a 9-month loan with simple interest, based on an annual interest rate of 6%. What was the total amount Sam was required to pay back at the end of the loan period?

  • A $5,054
  • B $5,225
  • C $5,300
  • D $5,600
  • E $5,750

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