# Math

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the principle B is borrowed at a simple interest rate r for a period of time t. Find the simple interest owed for the use of the money,. Assume there are 360 days in a year and round to the nearest cent. P=\$4000, r=6.0%and t=6 month

• Math -

I = prt
I = 4,000 * 0.06 * 0.5

I = ?

• Math -

120

• Math -

Suppose that you want to purchase a home for \$450,000 with a 30 year mortgage at 6% interest. Suppose that you can put 40% down. Assume that the monthly cost to finance \$1,000 is \$6.00. What is the total amount of interest paid on the 30 year loan?

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