Question

Tonya took out a loan to help pay for her house. She borrowed $70,000 for 15 years at a yearly simple interest rate of 5%. How much interest will she end up paying the bank?
A.
$525,000
B.
$525
C.
$52,500
D.
$10,500
15 POINTS PLEASE ANSWER THIS

Answer 1

Option C is correct.

$70000 \times 15 \times 5 \div 100$
SI =P×R×T÷100