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Annette [7]
1 year ago
8

Phil takes out a bank loan of $150 000 to buy a house, at an annual interest rate of 3.5%. The interest is calculated at the end

of each year and added to the amount outstanding. Find the amount Phil would owe the bank after 20 years. Give your answer to the nearest dollar.
Mathematics
1 answer:
Deffense [45]1 year ago
8 0

Answer:

You would owe the bank <u>$105,000</u> in interest after 20 years.

Step-by-step explanation:

You first have to find what the one-year interest dollar amount, which is $5,250.

Then you simply multiply the one year dollar amount, by 20. (years).

20  x   $5,250  =  $105,000

giving you your final answer of <u><em>$105,000</em></u>

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