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31 October, 13:02

The total amount of interest that will be paid on a 5-year, $90,000 note payable at 11% simple annual interest is?

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  1. 31 October, 13:17
    0
    Hi there

    The simple interest formula is

    I=prt

    P principle 90000

    R interest rate 0.11

    T time 5years

    So

    I=90,000*0.11*5

    I=49,500

    Good luck!
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