SOLUTION: Chloe�s Manufacturing Company borrows $295,000 for 5 years at a simple interest rate of 4.8%. Find the interest paid on the loan and the total amount paid.

SOLUTION: Chloe�s Manufacturing Company borrows $295,000 for 5 years at a simple interest rate of 4.8%. Find the interest paid on the loan and the total amount paid.

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Question 1066590: Chloe�s Manufacturing Company borrows $295,000 for 5 years at a simple interest rate of 4.8%. Find the interest paid on the loan and the total amount paid.
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
295,000*5*0.048, assuming no payments to the end (simple interest)=$295,000*0.24=$70,800.
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