Question

If Mrs. Hill takes out a mortgage for $80,000 with a 4% interest rate, what will her interest be after 20 years? Help ASAP

Answer 1

Answer:

$6400

Step-by-step explanation:

If Mrs. Hill takes out a mortgage for $80,000 with a 4% interest rate, what will her interest be after 20 years?

First you want to find how much she will get each year.

Turn 4% into a decimal.

Which you have to move the decimal point over to spaces to the left.

4. ----- .4 ----- .04

Now that you have done that you need to multiply,

$80000 × .04

which is $3200.

Now you know she gets $3200 a year.

Now multiply $3200 by 20.

$3200 × 20

which is $6400.

She will get $6400 interest.