Paul's mom, Gina, owns her home outright, without a mortgage. It is currently worth $100,000. If she could get five percent inte
rest by investing her money in a secure government bond, what is the implicit annual interest cost of her home?
2 answers:
Use the formula i = p*r*t.
Here, p = $100000, r = 0.05 and t = 1 (year)
The interest would be i = $100000*0.05*1 = $5000 per year.
Answer:
<u><em>The answer is</em></u>: <u>$ 5,000.</u>
<u></u>
Step-by-step explanation:
The annual interest cost would be the result of multiplying the current value, by 5% and for 1 year, that is: 100,000 x 0.05 x 1 = $ 5000.
<u><em>The answer is</em></u>: <u>$ 5,000.</u>
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