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Tyson takes out a mortgage for 200,000. Mortgage payments are to be made monthly for 30 years with the first payment occuring one month after
Tyson takes out a mortgage for 200,000. Mortgage payments are to be made monthly for 30 years with the first payment occuring one month after the loan date. The annual effective rate of interest is 5%. Starting with the 100th payment, Tyson increases the amount of his monthly payments by 400 in order to repay the mortgage more quickly. Calculate the total amount of interest Tyson pays on this loan. Tyson takes out a mortgage for 200,000. Mortgage payments are to be made monthly for 30 years with the first payment occuring one month after the loan date. The annual effective rate of interest is 5%. Starting with the 100th payment, Tyson increases the amount of his monthly payments by 400 in order to repay the mortgage more quickly. Calculate the total amount of interest Tyson pays on this loan
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