For the above calculation, we have $4500.00 to invest (or to borrow) with a rate of 9.5% for a 6 year period of time.

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By Deb Russell

When you know the principal amount, the rate and the time. The amount of interest can be calculated by using the formula:I = Prt

For the above calculation, we have $4500.00 to invest (or to borrow) with a rate of 9.5% for a 6 year period of time.

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