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Question

Suppose $\$140,000$ is owed on a house. The monthly payment for principal and interest at $8.5\%$ for $30$ years is $140 \cdot \$7.68913 = \$1076.48$. The total interest charged is the total amount paid minus the amount financed. What is the total interest?

Solution

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Answered 2 years ago

Step 1

1 of 4We want to determine the total interest by subtracting the amount financed from the total amount paid.

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