SOLUTION: 1. I a company borrows 165,000 for 5 years at simple interest rate of 8.8% per year, what is the the interest paid on the loan? Find the decimal or integer

Algebra ->  Percentage-and-ratio-word-problems -> SOLUTION: 1. I a company borrows 165,000 for 5 years at simple interest rate of 8.8% per year, what is the the interest paid on the loan? Find the decimal or integer       Log On


   

Question 1007205: 1. I a company borrows 165,000 for 5 years at simple interest rate of 8.8% per year, what is the the interest paid on the loan?
Find the decimal or integer
Answer by It is costly(175) About Me  (Show Source):
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borrowed $165000=principal, time=5years,rate=8.8%
I=PRT
I=[165000][8.8%][5]
I=[165000][0.088][5]
I=72,600
Interest = [$72,600]