The Arnold's took out a loan for $195,000 to purchase a home. At a 4.3% interest rate compounded annually, how much total will they have paid after 30 years?

Answer:

just interest = 251,550. Plus loan = 446,550

Step-by-step explanation:

195,000 x 0.043(interest as a decimal) = 8385 per year.

8385 x 30(years) = 251,550

The total of $446550 amount of money have to pay after 30 years at the rate of 4.3% of the principal amount of $195000.

Compound interest is applicable when there will be a change in principle amount after the given time period.

For example, if you give anyone $500 at the rate of 10% annually then $500 is your principle amount. After 1 year the interest will be $50 and hence principle amount will become $550 now for the next year the interest will be $550, not $500.

Given that

the principle amount of $195000

The rate of interest is 4.3%

Time period 30 years.

By compound interest formula

A = P × [tex](1 + 0.00r)^{n}[/tex]

where A is the total amount, P is the principal amount,r is the rate of interest and n is the total time period.

A = $195000[tex](1 + 0.043)^{30}[/tex]

A = $689546.985

For more information about compound interest

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