Question

Jayna borrowed $50,000 to pay for school. Her loan had a 4% interest rate. If it took her 9 years to pay it back, how much money did she pay in interest? How much did she pay in all?

Answer 1

Jayna paid $18,000 in interest and a total of $68,000.

Step-by-step explanation:

To calculate the amount of interest Jayna paid, we can use the formula: Interest = Principal x Rate x Time.

In this case, Jayna borrowed $50,000 with a 4% interest rate for 9 years.

So, the interest paid would be: Interest = $50,000 x 0.04 x 9

= $18,000.

To calculate the total amount paid by Jayna, we can add the interest to the principal.

So, the total amount paid would be: Total amount paid = Principal + Interest = $50,000 + $18,000

= $68,000.