Question

Sue took out a loan for 177,000 at 3.5% for 15 years solve for how much interest over15 years

Answer 1

There will be $92,925 of interest to be paid over the 15 years.

Explanation:

The simple interest is represented by the following equation;

`\begin{gathered} I=P*r*t \\ where, \\ P=\text{ principal } \\ r=\text{ rate} \\ t=\text{ time in years} \end{gathered}`

Therefore, for a principal of $177,000 at a rate of 0.035 for 15 years:

`\begin{gathered} I=177,000*0.035*15 \\ I=\text{ \$92,925 } \end{gathered}`

There will be $92,925 of interest to be paid over the 15 years.