Question

Consider having a personal loan that spans 50 years. The loan was only taken out for $1000, but the interest rate was a higher fixed percentage of 5.99%. How much interest will you have paid after it is paid off?

Answer 1

That would be 2995. I really hope that helps!

Answer 2

2995

Explanation:

Convert the problem to an equation using the percentage formula: P% * X = Y.

P is 10%, X is 150, so the equation is 10% * 150 = Y.

Convert 10% to a decimal by removing the percent sign and dividing by 100: 10/100 = 0.10.

1000* 5.99% * 50