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1.You borrow $250,000 toward the purchase of a home. The loan will be paid off in equal monthly installments over 30 years. If the interest

1.You borrow $250,000 toward the purchase of a home. The loan will be paid off in equal monthly installments over 30 years. If the interest rate charged is 6 percent per year:

a)How much interest is paid over 30 years?

b)How quickly is the loan paid off if you chose to increase your

Monthly payment by $100?

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