What is the total interest on a ten-year. 6.1% loan with a principal of $32,000?

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22-11-2016
Mathematics

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What is the total interest on a ten-year. 6.1% loan with a principal of $32,000?

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MissPhiladelphia MissPhiladelphia · Answer 1 · 2016-12-06T10:11:35+01:00

MissPhiladelphia MissPhiladelphia

06-12-2016

We are given with:
Principal, P = $32000
Interest rate, i= 6.1%
Duration of loan, n= 10 years

To solve for the total interest, I, we use the formula:
I = P(1+i)^n - P
Substituting the given values:
I = 32000(1+.061)^10 - 32000
I = $25,850.06

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