Question

A baseball training clinic takes out a loan to build in reception area the loan is for $28,500 at 4.25% for five years how much interest will the clinic pay on the loan

Answer 1

the answer would be 1211.25 because 28500 x 0.0425 is equal to that. (don't trust this answer).

Answer 2

(4.25/100)*28500 gives you 4.25% of the loan. Multiply that by 5 (years) and you'll get the answer: $6056.25