Question
Dale and Annie found their dream home, which costs $429,500. Their bank offers them a 30-year mortgage at 6.0% annual interest, compounded monthly. Assuming Dale
Dale and Annie found their dream home, which costs $429,500. Their bank offers them a 30-year mortgage at 6.0% annual interest, compounded monthly. Assuming Dale and Annie make all of their payments and pay no extra principle, how much will they have spent on this home after 30 years?
Enter your answer as a numerical value (no labels) and round to the nearest cent.
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