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Suppose Ann wants to get a fully amortizing, 3 0 - year Fixed Rate Mortgage, for $ 1 , 0 0 0 , 0 0

Suppose Ann wants to get a fully amortizing,

30 -

year Fixed Rate Mortgage, for $

1, 000, 000

at a

7 %

annual

interest rate, compounded monthly, with monthly payments. How much interest will Ann pay over the life of

the loan?

(

Hint: compute the total amount Ann will pay the lender, then subtract the principal.

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Information Systems Assurance

Authors: David C Chan

2nd Edition

150081458X, 9781500814588

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