Question

Tonya took out a loan to help pay for her house. She borrowed $60,000 for 15 years at a yearly simple interest rate of 5%. How much interest will she end up paying the bank?

A.
$9,000
B.
$450
C.
$45,000
D.
$450,000

Answer 1

I believe your answer is C). because 5% of 60,000 is 3,000, then 3,000 x 15 = 45,000.