Tonya took out a loan to help pay for her house. She borrowed $70,000 for 15 years at a yearly simple interest rate of 5%. How much interest will she end up paying the bank?

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Almog Cohen · Answer 1 · 2019-08-07T03:00:02+0000

Answer:

i = $70000 * 0.05 * 15 = $52500 in simple interest.

Explanation:

Use the formula for simple interest:

i = p * r * t, where p is the principal amount, r is the interest rate as a decimal fraction, and t is the number of years.

Here,

i = $70000 * 0.05 * 15 = $52500 in simple interest.