Question

A business man borrowed $1000 000.00 at 6.75%. If he borrowed the money for 5 year, how much interest would he have to pay?​

Answer 1

$ 337,500.00

Explanation:

I= Ptr/100 I=Interest,P=Principal,t=time,r=rate

I = 1 000,000×5×6.75/100

I = $ 337,500.00

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