Question

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?

A.
$30,000
B.
$300
C.
$300,000
D.
$6,000

Answer 1

Answer: THE ANSWER IS (D)

Step-by-step explanation: There are two ways to do this:

Example 1

Multiply $40,000 by 15 and then find 5% of the product you get which is 600,000. 5% of $600,000 is $30,000

Example 2

Find 5% of $40,000 then multiply it by 15 and they should both give you the same answer.

I Hope this helped! :)

Answer 2

I'm taking a close guess of answer A) $30,000 USD

I just used logic Ig. Hope this helped! <3