SOLUTION: A compay borrows 91,000 for 5 years at a simple interest rate of 15.5%. Find the interest paid on the loan and the total amount paid.
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Question 1201906: A compay borrows 91,000 for 5 years at a simple interest rate of 15.5%. Find the interest paid on the loan and the total amount paid. Answer by mananth(16946) (Show Source):
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A compay borrows 91,000 for 5 years at a simple interest rate of 15.5%. Find the interest paid on the loan and the total amount paid.
Principal (P) = 91000
time (n) =5 years
I = 15.5% = 0.155
I = P * n * r
= 91000*5*0.155
= 70525 Interest paid
Add the interest to principal to get total amount paid
