3 years ago

What is the total interest on a ten year 6.1% loan with a principle of 32,000

1 answer:

5 0

the total interest on a ten year 6.1% loan with a principle of 32,000 can be solve using the formula:

F = P (1+in) where F is the total money plus interest, P is the principal amount, I is the interest rate and n is the number of years.

F = 32,000 (1+ 0.061*10)

F = 51,520

<span>So the total interest is 51,520 -32,000 = 19, 520.</span>

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