What is the total interest on a ten-year. 6.1% loan with a principal of $32,000?

We are given with:

Principal, P = $32000

Interest rate, i = 6.1%

Duration of loan, n = 10 years

To solve for the total interest, I, we use the formula:

I = P (1+i) ^n - P

Substituting the given values:

I = 32000 (1+.061) ^10 - 32000

I = $25,850.06