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MathematicsMathematics
15 April, 06:37

You are starting your own small business in Woodmore Town Center. You borrow $10,000 from the bank at a 9% rate for 5 years.

Find the interest you will pay on this loan.

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  1. 15 April, 06:43
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    Follow the formula Interest = (Principal) (Rate) (Time)

    So, the equation would be:

    I = 10,000x0.09x5

    This equals $4,500

    So, the amount of interest is $4,500
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Home » Mathematics » You are starting your own small business in Woodmore Town Center. You borrow $10,000 from the bank at a 9% rate for 5 years. Find the interest you will pay on this loan.
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