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The Jones family plans to borrow $22,000 for 15 years. If the interest rate is 4.25%, how much will the family pay in interest ?
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4 votes
The Jones family plans to borrow $22,000 for 15 years. If the interest rate is 4.25%, how much will the family pay in interest ?

User Szeiger
by
3.9k points

2 Answers

3 votes

Answer:

344025

Explanation:

20,000 x decimal multiplier

decimal multiplier = 1.0425

20,000 x 1.0425 = 20850

20850 x 15 = 344025

User Wnbates
by
4.5k points
3 votes

Answer:

140250

Explanation:

User Koes Bong
by
4.3k points
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