Question

To help restart the economy growth, government is offering simple interest loans to small business at a rate 1.5%.

Say, you obtain one of these loans of $90,000 for 5 years. Determine the amount of money you must repay the government after 5 years.

Answer 1

96750

Explanation:

s.i=p×r×t

=90000×5×15/10 all divided by 100

9000×5×15 divided by 100

=90×5×15

=6750

amount=s.i+principal

=6750+90000

=96750