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Tom and Kathy want to borrow $35,000 in order to build an addition to their home. Their bank will lend them the money for 12 years at an interest rate of 5 3/8%. How much will they pay in interest to the
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Tom and Kathy want to borrow $35,000 in order to build an addition to their home. Their bank will lend them the money for 12 years at an interest rate of 5 3/8%. How much will they pay in interest to the bank over the life of the loan?

User Vishal Mokal
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1 Answer

6 votes
Interest of 35000 =
35000* 3.8 / 100 = 1330
3500 / 12 years = 243
Tom and kathy will they pay in mounth through 12 years .
1330 / 12 years = 9.2

Total pay in mounth = 243+ 9.2 = 252.2
User PSKP
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