Question

Riley buys a house for $210,500. He gets a loan for 10 years with an interest

rate of 8% per year. How much total interest will Riley pay over the ten years?

Answer 1

Riley will pay a total of $151,320 in interest over ten years. This can be calculated by multiplying the loan amount of $210,500 by the interest rate of 8% and then multiplying that number by 10 (the number of years in the loan). Thus, the total interest paid is $151,320.