Question: 5. Solve the problem. Assume that simple interest is being calculated. A company borrows $56,000 for 7 years at an annual interest rate of 12.5%

5. Solve the problem. Assume that simple interest is being calculated. A company borrows $56,000 for 7 years at an annual interest rate of 12.5% to buy irpeting a. Find the amount of interest paid after 7 years (Simplify your answer. Round to the nearest cent if needed). Interest due is $ b. Find the total amount paid on the loan. (Simplify your answer. Round to the nearest cent if needed). Total Amount S

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