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27 July, 20:12

A registered nurse (RN) pays 5% simple interest on a $175,000 mortgage

for the construction of a house. What is the yearly interest paid on

the mortgage?

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Answers (1)
  1. 27 July, 20:41
    0
    I=PRT

    I=intrest

    p = starting balance/initial balance

    r = rate

    t=time

    i=175,000x. 05x1

    i=8750

    this is the intrest rate the amount given in one year

    you need to add this to the first amount since its is simple interest not compound
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