Question

Mark takes out a loan for 30000 to add on a new exam room for his practice if the bank charges 5.4% interest how much interest will he pay in 5 years?

Answer 1

He will pay $8,100 in 5 years.

Explanation:

5.4 x 5 =27%

30,000 x 0.27 = $8,100

Answer 2

5.4% of 30,000 is 1620 per year
1620×5=8100 after 5 years