Respuesta :
just to clarify, bank loans over such a period and for such purposes are using a compound interest rate, and often, not always the compounding period is yearly, so we'll be assuming is a compound interest per year.
[tex]~~~~~~ \textit{Compound Interest Earned Amount} \\\\ A=P\left(1+\frac{r}{n}\right)^{nt} \quad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\dotfill &\$300000\\ r=rate\to 8\%\to \frac{8}{100}\dotfill &0.08\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{annually, thus once} \end{array}\dotfill &1\\ t=years\dotfill &25 \end{cases} \\\\\\ A=300000\left(1+\frac{0.08}{1}\right)^{1\cdot 25}\implies A=300000(1.08)^{25}\implies A\approx 2054542.56[/tex]
Mrs. Morris wants to borrow $300,000 from the bank. If she gets an interest rate of 8% and has to pay off her loan in 25 years. Over the next 25 years, the total interest will be $ 600,000.
How to calculate simple interest amount?
If the initial amount (also called as principal amount) is P, and the interest rate is R% annually, and it is left for T years for that simple interest, then the interest amount earned is given by:
[tex]I = \dfrac{P \times R \times T}{100}[/tex]
Mrs. Morris wants to borrow $300,000 from the bank. If she gets an interest rate of 8% and has to pay off her loan in 25 years.
Principal = P = $ 300,000
Rate = R= 8 %
Time = T= 25 years
Simple Interest
[tex]I = \dfrac{P \times R \times T}{100}[/tex]
[tex]I = \dfrac{300,000 \times 8 \times 25}{100}\\\\I = 600000[/tex]
SI= $ 600,000
Over the next 25 years, the total interest will be $ 600,000.
Learn more about simple interests here:
https://brainly.com/question/5319581
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