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Jane Doe borrowed $225,000 for five years at 13 percent. The annual interest charge was

 Sep 20, 2017
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The equation you would use is I= P * r * t

 

P is the begining amount, or $225,000 in your case

 

r is the intrest rate or 13%, which converted to a decimal is .13

 

t is the amount of time in years so in your case, it is 5

 

 

225000 × 0.13 x 5 = $146250

 Sep 21, 2017

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