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anonymous

  • 5 years ago

Suppose you purchase a home and obtain a 10-year loan of $170,000 at an annual interest rate of 5.0% . Find the amount of interest that will be paid on the loan over the 10 years.

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  1. dumbcow
    • 5 years ago
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    can you use a finance calculator?

  2. amistre64
    • 5 years ago
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    assume compounded annually 170(1.05)^10

  3. amistre64
    • 5 years ago
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    - 170 :)

  4. dumbcow
    • 5 years ago
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    oh ok, i was assuming monthly payments

  5. amistre64
    • 5 years ago
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    106.91 is what i get

  6. dumbcow
    • 5 years ago
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    with monthly payments you end up paying 46,373.20 in interest

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