SOLUTION: I sold my house I loaned the buyer 18000. They were supposed top pay me off in 5 years. They did not my question is how much do they owe me now it has been 10 years at 6% interest.

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Question 619521: I sold my house I loaned the buyer 18000. They were supposed top pay me off in 5 years. They did not my question is how much do they owe me now it has been 10 years at 6% interest.
Answer by jim_thompson5910(35256) About Me  (Show Source):
You can put this solution on YOUR website!
If you're using simple interest, then the interest they owe you is

I = Prt

I = 18000*0.06*10

I = 10800

So they owe you $10,800 in interest if the interest is simple interest.

So they owe you a total of 10800 + 18000 = 28800 dollars.

Note: I'm using t = 10 since ten years has passed. If they payed on time, then you would use t = 5