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URL:https://www.learndesk.us/class/6271362765160448/lesson/d42b74cc28663292fd7735bc6b947b6c?ref=outlook-calendar
SUMMARY:Total Interest, Interest Rate, and Loan Term
DTSTART;TZID=America/Los_Angeles:20260527T190000
DTEND;TZID=America/Los_Angeles:20260527T200000
LOCATION:https://www.learndesk.us/class/6271362765160448/lesson/d42b74cc28663292fd7735bc6b947b6c?ref=outlook-calendar
DESCRIPTION: Formulas: Interest-only loan: Total interest = Loan amount x Rate x Term in years Amortized loan: Total interest = (Monthly PI payment x 12 x term) - Loan amount
Examples: 1. A borrower obtains a 10-year interest-only loan of $50,000 @ 6%. How much interest will he or she pay? ($50,000 x .06 x 10) = $30,000
2. A borrower obtains a 10-year amortized loan of $50,000 @ 6% with monthly payments of $555.10. How much interest will he or she pay? ($555.10 x 12 x 10) - $50,000 = $16,612

https://www.learndesk.us/class/6271362765160448/lesson/d42b74cc28663292fd7735bc6b947b6c?ref=outlook-calendar
STATUS:CONFIRMED
SEQUENCE:3
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