You need a loan for your new house that you want to buy. The amount you borrow is $550,000 and the annual interest rate is 2% for 30 years. How much interest do you need to pay?

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asked Jul 15, 2022 202k views

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You need a loan for your new house that you want to buy. The amount you borrow is $550,000 and the annual interest rate is 2% for 30 years. How much interest do you need to pay?

Mathematics
high-school

Steve Homer asked

by Steve Homer

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1 Answer

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Answer:

Explanation:

Principle x Rate x Time

(550,000) (0.02) (360) = 3,960,000

Interest = 3,960,000

Joofsh answered Jul 21, 2022

by Joofsh

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