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16 March, 07:15

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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  1. 16 March, 07:59
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    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
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