A bank loans a customer $66,000 for a period of 5 years. the simple interest rate of the loan is 10.5%. what is the total amount that the customer will need to pay the bank over the 5 years?

Question

Mathematics

Anya

14 November, 14:29

A bank loans a customer $66,000 for a period of 5 years. the simple interest rate of the loan is 10.5%. what is the total amount that the customer will need to pay the bank over the 5 years?

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Answers (1)

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Duncan Mullins · Answer 1

66,000*0.15

9,900*5

49,500+66000

The answer is 115.500

I'm not sure if the whole thing is correct, but here is the easier way:

66,000 (1+1.15) ^5