Question

the principle B is borrowed at a simple interest rate r for a period of time t. Find the simple interest owed for the use of the money,. Assume there are 360 days in a year and round to the nearest cent. P=$4000, r=6.0%and t=6 month

Answer 1

I = prt
I = 4,000 * 0.06 * 0.5

I = ?

Answer 2

120

Answer 3

Suppose that you want to purchase a home for $450,000 with a 30 year mortgage at 6% interest. Suppose that you can put 40% down. Assume that the monthly cost to finance $1,000 is $6.00. What is the total amount of interest paid on the 30 year loan?