Answered

John borrowed $6,000,000 for a period of 15 years.is interest rate is 8%. How much interest will John pay in all?

Answer :

ABIOLATAIWO2015GO

Based on the information given the amount of interest that John pay in all is his $7,200,000.

Interest:

Using this formula

Interest=Amount borrowed×Number of years×Interest rate

Where:

Amount borrowed=$6,000,000

Number of years=15 years

Interest rate=8%

Let plug in the formula

Interest=$6,000,000×15×8%

Interest=$7,200,000

Inconclusion the amount of interest that John pay in all is his $7,200,000.

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