The interest he needs to pay $494546.986 after 30 years.
Step-by-step explanation:
Given,
Principal (P) = $195000
Rate of interest (R) = 4.3%
Time (T) = 30 years
To find the amount he needs to pay after 30 years.
Formula
A = P[tex](1+\frac{R}{100}) ^{T}[/tex]
Now,
Putting,
P = 195000, T = 30 and R = 4.3 we get,
A = 195000[tex](1+\frac{4.3}{100} )^{30}[/tex]
= 689546.986
So,
The interest he needs to pay = $(689546.986-195000)
= $494546.986
