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3 April, 09:45

What is the total interest on a ten-year. 6.1% loan with a principal of $32,000?

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  1. 3 April, 09:50
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    We are given with:

    Principal, P = $32000

    Interest rate, i = 6.1%

    Duration of loan, n = 10 years

    To solve for the total interest, I, we use the formula:

    I = P (1+i) ^n - P

    Substituting the given values:

    I = 32000 (1+.061) ^10 - 32000

    I = $25,850.06
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