A bank loans a customer $87,000 for a period of 15 years. The simple interest rate of the loan is 9.2%. What is the total amount that the customer will need to pay the bank over…

Question

asked Jan 24, 2021 150k views

2 Answers

Tornike · Answer 1 · 2021-01-26T15:29:47+0000

Answer:

I= 120,060

Explanation:

formula I=prt

Interest:

Principal: 87,000

rate:9.2% = 0.092

time: 15 year

I= 87,000(0.092) (15)

I= 87,000 (1.38)

I= 120,060