Question

Xander is starting his own small business. He borrows $10,000 from the bank at a 4% rate for 5 years. Find the interest he will pay on this loan.

Answer 1

$6000

Explanation:

Given data

Principal=$10000

Rate=4%

time=15years

The simple interest id found by

SI=PRT/100

substitute

SI=10000*4*15/100

SI= 600000/100

SI=$6000

Hence the interest is $6000