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In order to make money on loans, financial institutions are paid back more money than they lend. Suppose you borrow $ to buy a house
In order to make money on loans, financial institutions are paid back more money than they lend. Suppose you borrow $ to buy a house and agree to make monthly payments of $ for 30 years. How much do you pay back altogether? How much more do you pay back than the amount of the loan
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