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Tonya took out a loan to help pay for her house. She borrowed $40,000 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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Tonya took out a loan to help pay for her house. She borrowed $40,000 for 15 years at a yearly simple interest rate of 5%. How much interest will she end up paying the bank?

User Manny
by
8.2k points

2 Answers

3 votes
40,000*0.05= 2,000
2,000*15=
30,000
User Trunkc
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8.1k points
4 votes
i may be wrong but it could be 30,000.
User Gregoiregentil
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7.9k points
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