Solve.
-A company borrows $64,000 for 6 years at a simple interest of 7.5% to buy cabinets. Find the total amount paid on the loan.

Question

Quizplus · Accepted Answer

The total amount paid on the loan can be calculated using the formula for simple interest: Total Amount = Principal + (Principal * Rate * Time). Here, Principal = $64,000, Rate = 7.5% or 0.075, and Time = 6 years. So, Total Amount = $64,000 + ($64,000 * 0.075 * 6) = $64,000 + $28,800 = $92,800.

Solve. -A Company Borrows $64,000 for 6 Years at a Simple