Question

A bank loans a customer $66,000 for a period of 5 years. the simple interest rate of the loan is 10.5%. what is the total amount that the customer will need to pay the bank over the 5 years?

Answer 1

66,000*0.15
9,900*5
49,500+66000
The answer is 115.500
I'm not sure if the whole thing is correct, but here is the easier way:
66,000(1+1.15)^5

Answer 2

$3,531,000

Explanation:

66,000*10.5% = 693,000

693,000*5 = 3,465,000

3,465,000+66,000 = 3,531,000