Tonya took out a loan to help pay for her house. She borrowed $60,000 for 15 years at a yearly simple interest rate of 5%. How much interest will she end up paying the bank?

Answer 1

If she waits till the term is up, then 60000*1.06^15
If she makes monthly payments, then use your loan amortization formula to find the amount, then multiply by 180.

Answer 2

I = Po *r *t = 50000 * 0.05 * 15 =