SOLUTION: A company borrow $56,000 for 6 years at a simple interest rate of 10.5%. Find the interest paid on the loan and the total amount paid.

SOLUTION: A company borrow $56,000 for 6 years at a simple interest rate of 10.5%. Find the interest paid on the loan and the total amount paid.

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Question 732289: A company borrow $56,000 for 6 years at a simple interest rate of 10.5%. Find the interest paid on the loan and the total amount paid.

Answer by lynnlo(4176) (Show Source): You can put this solution on YOUR website!
PRINCIPAL==========================$56,000.00
RATE========================10.5%
TIME===============6 YEARS
MULTIPLY 56,000 X 0.105 X 6
======$35,280.00
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