Question
Asked Sep 23, 2019
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265,000 is borrowed to buy a house. If the simple interest rate on the 30 year loan is 8.25% find the interest paid on the loan and the total amount paid back.

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Expert Answer

Step 1

Given 
The amount borrowed = $265,000
Simple interest = 8.25%
Loan tenure = 30 years
The total interest amount paid on loan P at i% simple interst for ...

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Interest P*i*t Interest 265000* 0.0835 * 30 655875

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