Problem

QUESTION 3
Solve the problem. Assume that simple interest is being calculated in each case. Round your answer to the nearest cent if necessary.
A company borrows $$ 48, 500$ for 3 years at a simple interest of $12.5 %$ to buy cabinets. Find the total amount paid on the loan.
$$ 18, 187.50$
$$ 181, 875.00$
$$ 50, 318.75$
$$ 66, 687.50$

Answer

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Answer

$I = 18187.5$

Steps

Step 1 ： $I = P \times r \times t$

Step 2 ： $I = 48500 \times 0.125 \times 3$

Step 3 ： $I = 18187.5$

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