Steph took out a simple interest loan charges 8.5% interest annually. if her original loan amount was for $30,000 and she is paying off the loan over 20 years, how much will she pay altogether

The amount which Steph pays for the original loan amount and interest is $81,000 .

Step-by-step explanation:

Given as :

The original loan amount took by Steph = P = $ 30,000

The rate of interest = R = 8.5 % at simple interest

The time period of the loan = T = 20

Let The amount she pay = $ A

Now, From Simple Interest method :

Simple Interest =

or, SI =

or, SI =  

or, SI =

∴ Simple Interest = SI = $51,000

Now, Amount = Original amount + Simple Interest

Or, A = $30,000 + $51,000

Or, A = $81,000

So, The amount she pay altogether = A = $81,000

Hence The amount which Steph pays for the original loan amount and interest is $81,000 . Answer

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