Consider having a personal loan that spans 50 years. The loan was only taken out for $1000, but the interest rate was a higher fixed percentage of 5.99%. How much interest will you have paid after it is paid off?

After the loan is paid off, I would have paid $2,995 in interests.

Step-by-step explanation:

If a loan for $ 1000 has an annual interest rate of 5.99%, annually the interest generated will have a value of $ 59.90 (1000 x 5.99 / 1000).

Therefore, throughout the 50 years of the loan, said annual amount will be repeated for the number of years that the loan lasts, that is, for 50. Therefore, at the end of the loan, interest will have been paid. about $ 2995 (59.9 x 50).

3,000,540

step-by-step explanation: