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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02-06-2014
Mathematics

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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?

Answer :

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aiman571 aiman571 · Answer 1 · 2014-06-02T20:23:13-04:00

aiman571 aiman571

02-06-2014

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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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?

Answer :

Other Questions

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?