Question

You are starting your own small business in Woodmore Town Center. You borrow $10,000 from the bank at a 9% rate for 5 years.
Find the interest you will pay on this loan.

Answer 1

Follow the formula Interest=(Principal)(Rate)(Time)

So, the equation would be:

I= 10,000x0.09x5

This equals $4,500

So, the amount of interest is $4,500