Tonya took out a loan to help pay for her house. She borrowed $50,000 for 15 years at a yearly simple interest rate of 5%. How much interest will she end up paying the bank?
2 answers
I = Po*r*t = 50,000*0.05*15 = $37,500.
Don put 4000 in a saving account with an interest rate of 4% for three years.if the interest is compounded annually,how much money will he have at the end of the three years?