interest paid

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a company borrows $94,000 for 5 years at a simple interest rate of 10.5%. find the interest paid on the loan and the total amount paid.

Guest Sep 10, 2013

Guest · Answer 1 · 2013-09-10T03:14:05

simple interest=Principle amount * rate * time(years)
94000*0.105*5=49350(the amount of interest paid)
94000+49350=143350 (The total amount paid)