Question

You need a loan for your new house that you want to buy. The amount you borrow is $550,000 and the annual interest rate is 2% for 30 years. How much interest do you need to pay?

Answer 1

Answer:

Step-by-step explanation:

Principle x Rate x Time

(550,000) (0.02) (360) = 3,960,000

Interest = 3,960,000