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John decides to take out a multi-year fixed-rate mortgage of $30,000 to purchase a new car. The interest rate is 3.5% and the monthly payment
John decides to take out a multi-year fixed-rate mortgage of $30,000 to purchase a new car. The interest rate is 3.5% and the monthly payment is $545.75. Write a function, total, to calculate the total amount that he will have to pay over the life of the mortgage. You can ignore the overpayment that occurs in the last month. To calculate each month's remaining principal: remaining principal of this month = remaining principal of last month * (1 + rate/12) - monthly payment. (You should get an answer of $33290.75.)
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