265,000 is borrowed to buy a house. If the simple interest rate on the 30 year loan is 8.25% find the interest paid on the loan and the total amount paid back.

Intermediate Algebra
19th Edition
ISBN:9780998625720
Author:Lynn Marecek
Publisher:Lynn Marecek
Chapter2: Solving Linear Equations
Section2.2: Use A Problem Solving Strategy
Problem 2.53TI: Eduardo noticed that his new car loan papers stated that with a 7.5% simple interest rate, he would...
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265,000 is borrowed to buy a house. If the simple interest rate on the 30 year loan is 8.25% find the interest paid on the loan and the total amount paid back.

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