Question

Chris wants to open a hamburger franchise so he borrows $94,000 from the bank at an interest rate of

7.5%. The bank requires him to pay back the simple interest accumulated after each year. How much must he pay per year for his loan?

Answer 1

7050

Explanation:

first, you will turn 7.5% into a decimal, 0.075. then you will multiply 94000 by 0.075 which equals 7050