Consider having a personal loan that spans 50 years. The loan was only taken out for $1000, but the interest rate was a higher fixed percentage of 5.99%. How much interest will you have paid after it is paid off?

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 56SE: To get the best loan rates available, the Riches want to save enough money to place 20% down on a...
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Consider having a personal loan that spans 50 years. The loan was only taken out for $1000, but the interest rate was a higher fixed percentage of 5.99%. How much interest will you have paid after it is paid off?

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