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Tom buys a $140,000 home. He must make monthly mortgage payments for 40 years, with the first payment to be made a month from now.
Tom buys a $140,000 home. He must make monthly mortgage payments for 40 years, with the first payment to be made a month from now. The annual effective rate of interest is 8%. After 20 years Tom doubles his monthly payment to pay the mortgage off more quickly. Calculate the interest paid over the duration of the loan.
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