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.

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