The shoe store manager borrowed $18,000.00 from the bank to purchase 1000 pairs of shoes. The bank charges a simple interest rate 4% per year on a loan to a business. If it takes 5 years to pay back the loan and interest, what is the total amount of interest that the shoe store will pay? Be sure to show your work.

Question

04-11-2022
Mathematics

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The shoe store manager borrowed $18,000.00 from the bank to purchase 1000 pairs of shoes. The bank charges a simple interest rate 4% per year on a loan to a business. If it takes 5 years to pay back the loan and interest, what is the total amount of interest that the shoe store will pay? Be sure to show your work.

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