Loan types. Suppose you want to buy a $200,000 home on a hybrid loan. For the first
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Loan types. Suppose you want to buy a $200,000 home on a hybrid loan.
For the first five years, the loan will be an interest-only loan, and then it will turn into an amortized loan. If the applicable APR is 8.4%, compounded monthly, and the total time period is 30 years, how much would you pay in total (interest plus principal) for the home?
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