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8 May, 01:04

What is the total interest on a ten year 6.1% loan with a principle of 32,000

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  1. 8 May, 04:51
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    the total interest on a ten year 6.1% loan with a principle of 32,000 can be solve using the formula:

    F = P (1+in) where F is the total money plus interest, P is the principal amount, I is the interest rate and n is the number of years.

    F = 32,000 (1 + 0.061*10)

    F = 51,520

    So the total interest is 51,520 - 32,000 = 19, 520.
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