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?
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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.)
