Mathematics: You want to start your own business so you borrow $50,000 from the bank to pursue your dreams. You borrow it for 5 years at 3.2% simple interest rate. What is the interest INTEREST owed?

16 oz make one lb. 150 oz = 9.375 lb...

You want to start your own business so you borrow

jacklyn24

11.02.2022

$8000

Step-by-step explanation:

I=PRT (I = interest, p = principal, r = interest rate, t = time. This only applies to simple interest)

$I=\$50000\times3.2\%\times5$ (assuming that it is $3.2\%$ p.a)

$I=\$8000$

∴ The interest owed is $8000.

Hope this helps :)

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