The Henley's took out a new home loan for $195,000 at a simple interest rate of 4.3%. How muchwill they pay in interest after 30 years?

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28-10-2022
Mathematics

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The Henley's took out a new home loan for $195,000 at a simple interest rate of 4.3%. How muchwill they pay in interest after 30 years?

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KeelynA308494 KeelynA308494 · Answer 1 · 2022-10-28T05:42:31+02:00

The simple interest, I, is given by the formula;

[tex]\begin{gathered} I=\frac{PRT}{100} \\ \text{where P represents the Principal} \\ R\text{ represents Rate} \\ T\text{ represents Time} \end{gathered}[/tex]

From the question, we are provided with the following;

P= $195,000, R= 4.3%, T=30 years

Thus,

[tex]\begin{gathered} I=\frac{195,000\times4.3\times30}{100} \\ I=\frac{25155000}{100} \\ I=251,550 \end{gathered}[/tex]

Hence, the interest after 30 years is $ 251,550