A company borrows $70,000 for 4 years at a simple interest rate of 5.5%. Find the interest paid on the loan and the total amount paid.
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Step-by-step explanation:
Principle= 70,000Rs.
Rate of interest=5.5%
Time=4 years
S.I. = P×T×R/ 100
=40000×4×5.5/100
Interest = Rs.8800
Amount= Interest + Principle
= 8,800+70,000
Therefore amount= Rs. 7880
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