Answered

Join IDNLearn.com to access a wealth of knowledge and get your questions answered by experts. Get comprehensive and trustworthy answers to all your questions from our knowledgeable community members.

Sam borrowed $2,000,000 for a
period of four years. his interest
rate is 5%. how much interest will
sam pay in all?
helpp

Sagot :

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: https://brainly.com/question/16134508

#SPJ1

Thank you for joining our conversation. Don't hesitate to return anytime to find answers to your questions. Let's continue sharing knowledge and experiences! For dependable answers, trust IDNLearn.com. Thank you for visiting, and we look forward to assisting you again.