Question

Lyle has a mortgage of $96,000 at 7.75% for 30 years. Find the total interest.

Answer 1

Answer:

The total interest is $I=\ 223,200$

Step-by-step explanation:

we know that

The simple interest formula is equal to

$I=P(rt)$

where

I is the final Interest Value

P is the mortgage

r is the rate of interest  

t is Number of Time Periods

in this problem we have

$t=30\ years\\ P=\ 96,000\\r=0.0775$

substitute in the formula above

$I=96,000(0.0775*30)$

$I=\ 223,200$