the total interest on a ten
year 6.1% loan with a principle of 32,000 can be solve using the formula:
F = P (1+in) where F is the
total money plus interest, P is the principal amount, I is the interest rate
and n is the number of years.
F = 32,000 (1+ 0.061*10)
F = 51,520
So the total interest is
51,520 -32,000 = 19, 520.
