70,000 for 6 years at a simple interest rate of 10,5% find the interest paid on the loan an total paid

Question

Zaniyah Keith

Mathematics

26 September, 22:32

70,000 for 6 years at a simple interest rate of 10,5% find the interest paid on the loan an total paid

+3

Answers (1)

Know the Answer?

Remington Matthews · Answer 1

A $70,000 loan at 10.5% for six years will accrue interest as follows:

i = $70,000 (0.105) (6) = $44,100.

Paying off this loan plus the accrued interest will require $70,000 + $44,100, or $114,000.