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7 September, 04:41

Millie was granted a business loan of $52,000 to be repaid over a four-year period. Because the business is new and her personal credit is not perfect, she was given a simple interest rate of 9%. If Millie pays the loan back in four years, how much will she pay the bank all together?

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  1. 7 September, 05:03
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    She is to pay back $70,720

    Explanation:

    The total amount she is to pay back is simply the interest plus the principal. We have the principal and thus we need to calculate the interest.

    Mathematically, S. I = PRT/100

    P = $52,000

    R = 9%

    T = 4 years

    S. I = (52000 * 9 * 4) / 100 = $18,720

    Amount to be paid back is thus 52,000 + 18,720 = $70,720
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Home » Business » Millie was granted a business loan of $52,000 to be repaid over a four-year period. Because the business is new and her personal credit is not perfect, she was given a simple interest rate of 9%.
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