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The total amount of interest that will be paid on a 5-year, $90,000 note payable at 11% simple annual interest is?
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5 votes
The total amount of interest that will be paid on a 5-year, $90,000 note payable at 11% simple annual interest is?

User JoseKilo
by
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1 Answer

6 votes
Hi there

The simple interest formula is
I=prt
P principle 90000
R interest rate 0.11
T time 5years
So
I=90,000×0.11×5
I=49,500

Good luck!
User Lars Kemmann
by
7.8k points
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