Answered

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?

Verified Answer :

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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