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For a $160,000 loan at 7% annual interest, monthly payments, for 30 years, how much total interest will be paid over the life of the

 For a $160,000 loan at 7% annual interest, monthly payments, for 30 years, how much total interest will be paid over the life of the loan?

b. For a $250,000 loan at 6% annual interest, with monthly payments for 15 years, if you pay an additional $100 in principle per month, how much total interest will you pay over the life of the loan?

c.If you pay an additional $75 per month up front, how much LESS interest will you pay over the life of the following loan: Loan Amount: $180,000; 30 years (monthly payment); 7% annual interest rate?

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Solution a For a 160000 loan at 7 annual interest with monthly payments for 30 years the total interest paid over the life of the loan can be calculated using the following formula Total Interest Mont... blur-text-image

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