what is 5% of 16000
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Total interest paid in 5 years = 5*16000*0.09 = 7200
95
The simple interest on a loan of 5 700 at 5.3 percent for 4.5 years is 1359.45.
The interest is 5 X 0.09 X 14500 = 6525.
The interest rate is given in the question. It is 3.5%.The amount of interest paid on the loan depends on how much of the loan (if any) is paid back during the period of the loan. If there are no interim payments, the total interest at the end of 5 years is 2681.85 approx.