If I borrowed $78,000 from a bank and had perfect credit; How much interest would I have to pay in Dollars and cents? The loan is for 7 years
That depends upon the interest rate and the number of years.
It depends upon your loan collateral, value-to-lien ratio, and income (if any). If you take a second mortgage or home equity loan, you will probably pay about 5% interest with excellent credit.
If you pay off the loan in 7 years with constant payments, you will end up paying about $14,000 in interest over that period, at that interest rate.
To calculate the amount of interest you would have to pay on a loan, we need to know the interest rate. The interest rate is typically expressed as an annual percentage rate (APR). Once we have the APR, we can use it to calculate the interest using the formula:
Interest = Principal × Rate × Time
Given that you borrowed $78,000 and the loan term is 7 years, we still need to know the interest rate to proceed with the calculation.