Question

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

Answer 1

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`