The cost of the mortgage is $81250
What are interests?
Interests are percentages of a principal
Given the following parameters
Principal = $65000
Rate = 7% = 0.07
Time = 5 years
Calculate the interest
I = PRT/100
I = 65000*0.07*25
I = 16,250
Determine the cost of the mortgage
Cost of mortgage = Principal + Interest
Cost of mortgage = 65000 + 16250
Cost of mortgage = 81,250
Hence the cost of the mortgage is $81250
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