anonymous
  • anonymous
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.
Mathematics
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anonymous
  • anonymous
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.
Mathematics
katieb
  • katieb
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At vero eos et accusamus et iusto odio dignissimos ducimus qui blanditiis praesentium voluptatum deleniti atque corrupti quos dolores et quas molestias excepturi sint occaecati cupiditate non provident, similique sunt in culpa qui officia deserunt mollitia animi, id est laborum et dolorum fuga. Et harum quidem rerum facilis est et expedita distinctio. Nam libero tempore, cum soluta nobis est eligendi optio cumque nihil impedit quo minus id quod maxime placeat facere possimus, omnis voluptas assumenda est, omnis dolor repellendus. Itaque earum rerum hic tenetur a sapiente delectus, ut aut reiciendis voluptatibus maiores alias consequatur aut perferendis doloribus asperiores repellat.

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dumbcow
  • dumbcow
can you use a finance calculator?
amistre64
  • amistre64
assume compounded annually 170(1.05)^10
amistre64
  • amistre64
- 170 :)

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dumbcow
  • dumbcow
oh ok, i was assuming monthly payments
amistre64
  • amistre64
106.91 is what i get
dumbcow
  • dumbcow
with monthly payments you end up paying 46,373.20 in interest

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