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

Question

asked Aug 3, 2020 42.5k views

1 Answer

Steven Rogers · Answer 1 · 2020-08-07T09:09:38+0000

Answer:

The total interest is
$I=\$223,200$

Explanation:

we know that

The simple interest formula is equal to

I=P(rt)

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

$t=30\ years\\ P=\$96,000\\r=0.0775$

substitute in the formula above

I=96,000(0.0775*30)

$I=\$223,200$