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.
\( \$ 18,187.50 \)
\( \$ 181,875.00 \)
\( \$ 50,318.75 \)
\( \$ 66,687.50 \)

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