I need Financial Algebra help What is the total interest on a ten-year 6.1% loan with a principal of $32,000?

asked Jun 9, 2017 210k views

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I need Financial Algebra help

What is the total interest on a ten-year 6.1% loan with a principal of $32,000?

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$I=Prt \\P=\$32,000 \\r=6.1\% \\t=10 \\ \\I=Prt=\$32,000*6.1\%*10=\$32,000* (6.1)/(100) *10=\$19,520$

Qiuxiafei answered Jun 14, 2017

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