aliknight0313 aliknight0313
  • 21-08-2019
  • Mathematics
contestada

Lyle has a mortgage of $96,000 at 7.75% for 30 years. Find the total interest.

Respuesta :

calculista
calculista calculista
  • 31-08-2019

Answer:

The total interest is [tex]I=\$223,200[/tex]

Step-by-step explanation:

we know that

The simple interest formula is equal to

[tex]I=P(rt)[/tex]

where

I is the final Interest Value

P is the mortgage

r is the rate of interest  

t is Number of Time Periods

in this problem we have

[tex]t=30\ years\\ P=\$96,000\\r=0.0775[/tex]

substitute in the formula above

[tex]I=96,000(0.0775*30)[/tex]

[tex]I=\$223,200[/tex]

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