demario2046
contestada

You would like to start your own business in Hempstead. You borrow
$10,000 form the bank at a 9% rate for 5 years. How much interest
will you pay on this loan?

Respuesta :

1963431jhernandez

Answer:

$ 4,500.00

Step-by-step explanation:

I = $ 4,500.00

Equation:

I = Prt

Calculation:

First, converting R percent to r a decimal

r = R/100 = 9%/100 = 0.09 per year,

then, solving our equation

I = 10000 × 0.09 × 5 = 4500

I = $ 4,500.00

The simple interest accumulated

on a principal of $ 10,000.00

at a rate of 9% per year

for 5 years is $ 4,500.00.

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