Steph took out a simple interest loan that charges 8.5% interest annually. If her original loan amount was for $30,000 and she i
s paying off the loan over 20 years, how much will she pay altogether? .
1 answer:
Answer:
$81,000
Step-by-step explanation:
A = Final Payment = ?
P = Principal Amount = $30,000
r = Interest Rate = 8.5%
t = Time = 20 Years
A = P(1 + rt)
A = 30,000(1 + 0.085 x 20)
A = 30,000 + 51000
A = $81,000
Hence, Steph will pay $81,000 altogether.
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