Question

You are starting a small business, you borrow 10,000 from the bank at a 9% rate for 5 years. What interest will you pay on this loan?

Answer 1

9% interest on a $10,000 loan over 5 years

$2,455 TOTAL interest paid on loan.

The final you pay is $12,455 back to the bank.

Answer 2

at lest 19% so 20,000