JJamal buys a condo for 300,000 He borrows the money at an APR of 4.5% for 15 years. Vhat will his total interest be?

## Step 1: Calculate the annual interest<br />### The annual interest rate is 4.5%, so we convert it to a decimal by dividing by 100: $r = \frac{4.5}{100} = 0.045$. The principal amount is $P = \$300,000$. The time is $t = 15$ years. The simple interest formula is $I = Prt$. Therefore, the annual interest is $300000 \times 0.045 = \$13,500$.<br /><br />## Step 2: Calculate the total interest<br />### To find the total interest paid over the 15-year loan term, we multiply the annual interest by the number of years: Total Interest $= \$13,500 \times 15 = \$202,500$.