$172,200 will be paid on the house during last 30 years and Simple Interest is $322,200.
What is Simple Interest?
- Simple interest is a quick and simple formula for Figuring out how much interest will be charged on a loan.
- The daily interest rate, the principle, and the number of days between payments are multiplied to calculate simple interest.
- Although some mortgages employ this calculation approach, this kind of interest typically relates to auto loans or short-term loans.
- Consumers who pay their loans off on time or ahead of schedule each month benefit from simple interest.
- Simple interest loans are frequently used for auto loans and short-term personal loans.
Total amount paid = (895)(12)(30) = $322,200
$322,200-$150,000 = $172,200
Know more about Simple Interest with the help of the given link:
https://brainly.com/question/25845758
#SPJ4
