Dr. Kora borrowed $8000 to purchase new medical equipment for her new office . If she paid 7.5% simple interest for 10 years. Ho
w much interest will she pay?
1 answer:
Answer:
Dr. Kora will pay an interest of $6,000
Step-by-step explanation:
Simple interest = P × R × T
Where:
P = Principal = $8000
R = Rate = 7.5% = 0.075
T = Time = 10 years
∴ Simple interest = 8000 × 0.075 × 10 = $6,000
Therefore Dr. Kora will pay an interest of $6,000
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