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Tom wishes to purchase a property that's been valued at $ 4 2 0 , 0 0 0 . He has 1 5 % of

Tom wishes to purchase a property that's been valued at
$
420
,
000
. He has
15
%
of this amount available as a cash deposit and will require a mortgage for the remaining amount. The bank offers him a
15
-year mortgage at
2.5
%
interest. Calculate the total interest Tom will pay over the lifetime of the loan.

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