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Evelyn borrowed $180,000 to buy a home. The bank is charging an interest rate of 7.5% over a period of 30 years. How much will Evelyn pay in interest? What is the total amount she will pay at the end of the loan?

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clicker786

Answer:

the amount of interest = 405 000

the amount she has to pay  = 405 000 + 180000 = 585 000

Step-by-step explanation:

We make use the simple interest formula

PRT/100

P is the principle

R is the rate

T is the time

180 000 * 7.5 * 30

= 40 500 000 / 100

= 405 000

the amount of interest = 405 000

the amount she has to pay  = 405 000 + 180000 = 585 000

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