The shoe store manager borrowed $17,000.00 from the bank to purchase 1000 pairs of shoes. The bank charges a simple interest rate of 5% per year on a loan to a business. If it takes 3 years to pay back the loan and interest, what is the total amount of interest that the shoe store will pay?
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Answer:
$ 20,000
Step-by-step explanation:
becausebecause of the $20,000 the $17,000 who borrowed by the manager in a shoe store will be purchased thousands of shoes for a simple rate of interest 5% and if it takes three years to pay the rate of interest will be double and then the three in the three years the money $3,000 will increase so the $20,000 is the total amount to pay with the interest and asal amount to the manager.
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