anonymous
  • anonymous
a company borrows $90,000 for 7 years at a simple interest rate of 7.5%. Finf the intertest paid on the loan and the total amount paid The intertest paid on the loam is $
Mathematics
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SOLVED
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chestercat
  • chestercat
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campbell_st
  • campbell_st
simple interest uses the formula \[I = \frac{Prn}{100}\] where I = interest, r = interest rate and n = number of time periods so you have P = 90000, r = 7.5 and n = 7 substitute these values into the formula to calculate the interest amount repaid = Principal + Interest hope it helps

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