a company borrows $90,000 for 7 years at a simple interest rate of 7.5%. Finf the intertest paid on the loan and the total amount paid
The intertest paid on the loam is $

Question

a company borrows $90,000 for 7 years at a simple interest rate of 7.5%. Finf the intertest paid on the loan and the total amount paid
The intertest paid on the loam is $

campbell_st · Answer

simple interest uses the formula 

$$I = \frac{Prn}{100}$$

where I = interest, r = interest rate and n = number of time periods

so you have P = 90000,  r = 7.5   and n = 7

substitute these values into the formula to calculate the interest 

 amount repaid = Principal + Interest

hope it helps