Tonya took out a loan to help pay for her house. She borrowed $60,000 for 15 years at a yearly simple interest rate of 5%. How much interest will she end up paying the bank?
First, we need to calculate the total amount that Tonya will pay back to the bank, which is the principal amount plus the interest. The formula for simple interest is:
Interest = Principal x Rate x Time
Where:
- Principal is the amount borrowed
- Rate is the annual interest rate
- Time is the number of years
In this case, we have:
Principal = $60,000
Rate = 5% per year
Time = 15 years
So, we can calculate the total amount as:
Total = Principal + Interest
Total = $60,000 + $60,000 x 5% x 15
Total = $60,000 + $45,000
Total = $105,000
Therefore, Tonya will end up paying $105,000 to the bank over the course of 15 years. The interest she paid can be calculated as:
Interest = Total - Principal
Interest = $105,000 - $60,000
Interest = $45,000
So, Tonya will pay $45,000 in interest over the life of the loan.
Cystic fibrosis is a recessive genetic disorder caused by a mutation of the CTRF gene. The disease is characterized by excessive mucus production along the respiratory and digestive tracts in addition to other symptoms. Cystic fibrosis is a progressive disorder that is most associated with chronic respiratory disease.
Sara and Anthony found out that they are both carriers of the disorder, but neither have the disease. What are the chances their child will be born with cystic fibrosis?
If both parents are carriers, they each have one normal copy of the CTRF gene and one mutated copy. When they have a child, there is a 25% (1 in 4) chance that the child will inherit two copies of the mutated gene (one from each parent), and therefore will have cystic fibrosis. There is a 50% (2 in 4) chance that the child will inherit one mutated copy and one normal copy, and therefore will be a carrier like the parents. Finally, there is a 25% (1 in 4) chance that the child will inherit two normal copies of the gene and will not have cystic fibrosis or be a carrier.
Therefore, the chances of Sara and Anthony's child being born with cystic fibrosis is 25%.
To calculate the interest Tonya will end up paying, we need to use the formula for simple interest:
Interest = Principal * Rate * Time
Where:
- Principal is the initial amount borrowed (in this case, $60,000)
- Rate is the annual interest rate (in this case, 5% or 0.05 in decimal form)
- Time is the length of time (in this case, 15 years)
Substituting the given values into the formula:
Interest = $60,000 * 0.05 * 15
Calculating this equation, we get:
Interest = $45,000
Therefore, Tonya will end up paying $45,000 in interest to the bank.