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?

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