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John plans to borrow $400,000 15-years mortgage loan from his bank, which agrees that John should repay the loan in 180 equal end-of-month payments. The

John plans to borrow $400,000 15-years mortgage loan from his bank, which agrees that

John should repay the loan in 180 equal end-of-month payments. The annual interest

rate is 4%, compounded monthly.

(2) How much total interest dollar amount will John pay over the 180 months life of the

loan? Show your calculation

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