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A company borrows $100,000 for 5 years at a simple interest rate of 10.5%. Find the interest paid on the loan The interest paid on the loan is ? The total amount paid is ?
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7 votes
7 votes
A company borrows $100,000 for 5 years at a simple interest rate of 10.5%. Find the interest paid on the loan

The interest paid on the loan is ?
The total amount paid is ?

User Marinos An
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3.0k points

1 Answer

21 votes
21 votes

Answer:

$52,500

$152,500

Explanation:

$100,000 * .105 = $10500

User Stefannebesnak
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3.1k points
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