SOLUTION: The Carlisles borrowed $94,000 to buy their first home. The interest rate on their loan was 7.5% for 20 years. How much interest will they have paid after 20 years?
Algebra.Com
Question 464671: The Carlisles borrowed $94,000 to buy their first home. The interest rate on their loan was 7.5% for 20 years. How much interest will they have paid after 20 years?
Answer by robertb(5830) (Show Source): You can put this solution on YOUR website!
Is it simple or compounded interest?
If it's only simple interest, then I = Prt = 94,000*0.075*20 = 141,000.
(Note that the interest amount is even bigger than the principal.)
RELATED QUESTIONS
You want to take out a $285,000 mortgage (home loan). The interest rate on the loan is... (answered by Theo)
matthew borrowed $24,000 dollars to buy a new truck. after 5 years,he paid $7,500 in... (answered by mananth)
matthew borrowed $24,000 dollars to buy a new truck. after 5 years,he paid $7,500 in... (answered by mananth)
Find the monthly payment for the loan indicated. (Round your final answer to two decimal... (answered by MathLover1)
A family borrowed $72,000 to buy a house. The loan was at 6.1% and for 25 years. The... (answered by math_tutor2020)
Aya and Sakura would like to buy a house and their dream home costs $500,000. Their goal (answered by Theo,MathTherapy)
You want to buy a $233,000 home. You plan to pay 20% as a down payment, and take out a 30 (answered by Theo)
You want to buy a $189,000 home. You plan to pay 20% as a down payment, and take out a 30 (answered by Boreal)
You want to buy a $228,000 home. You plan to pay 20% as a down payment, and take out a 30 (answered by ikleyn)