The Henley's took out a loan for $195,000 to purchase a home. At a 4.3% interest rate
1 answer:
Interest paid after 30 years is $494,546.99.
Solution:
Principal (P) = $195,000
Interest rate (r) = 4.3%
Time (t) = 30 years
n = number of times interest calculated per year
n = 1
Compound interest formula:

where A is the final amount




A = 689546.99
Interest = Amount - Principal
= 689546.99 - 195000
= 494546.99
Interest paid after 30 years is $494,546.99.
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