The total amount Sam will pay in all will be $2,400,000
From the question, we are to determine the interest Sam pays in all
Using the simple interest formula,
I = PRT
From the given information,
P = $2,000,000
R = 5% = 0.05
T = 4
Putting the parameters into the formula,
I = $2000000 × 0.05 × 4
I = $400000
The interest Sam will pay is $400,000
The total amount Sam will pay in all will be $2,000,000 + $400,000
= $2,400,000
Hence, the total amount Sam will pay in all will be $2,400,000
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