Question

Sam borrowed $2,000,000 for a

Answer 1

The total amount Sam will pay in all will be $2,400,000

Simple interest

From the question, we are to determine the interest Sam pays in all

Using the simple interest formula,

I = PRT

From the given information,

P = $2,000,000

R = 5% = 0.05

T = 4

Putting the parameters into the formula,

I = $2000000 × 0.05 × 4

I = $400000

The interest Sam will pay is $400,000

The total amount Sam will pay in all will be $2,000,000 + $400,000

= $2,400,000

Hence, the total amount Sam will pay in all will be $2,400,000

Learn more on Simple interest here: brainly.com/question/16134508

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