Question

Mr. Morris borrowed $25,000 from the bank. The time of the loan was 4 years. How much will he pay if the interest rate is 5.25%? (Use simple interest.)

Answer 1

I think the answer is 5,250.
25,000 x 4 x 5.25%
5.25/100 = 0.0525
25,000 x 4 x 0.0525 is 5,250.