Answer:
The total interest is [tex]I=\$223,200[/tex]
Step-by-step explanation:
we know that
The simple interest formula is equal to
[tex]I=P(rt)[/tex]
where
I is the final Interest Value
P is the mortgage
r is the rate of interest
t is Number of Time Periods
in this problem we have
[tex]t=30\ years\\ P=\$96,000\\r=0.0775[/tex]
substitute in the formula above
[tex]I=96,000(0.0775*30)[/tex]
[tex]I=\$223,200[/tex]
