Question

Jane bought a house that costed the $185,000. the interest rate for Chase bank to finance the home 4.3 percent.after 30 years exactly how much would Jane have paid for the house

Answer 1

To solve this we are going to use the formula for simple interest:
`A=P(1+rt)`
where

`A` is the final amount

`P` is the initial amount

`r` is the interest rate in decimal form

`t` is the time in years

We know for our problem that
`P=185000` and
`t=30`. To convert the rate to decimal form, we are going to divide it by 100%

`r= (4.3)/(100)`

`r=0.043`
Now that we have all we need, lets replace the values in our formula to find
`A`:

`A=P(1+rt)`

`A=185000[1+(0.043)(30)]`

`A=423650`

We can conclude that after 30 years Jane will have paid $423,650 for her home.