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

Guest Sep 20, 2017

#1**0 **

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

NediaMaster
Sep 21, 2017