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When Karen bought her townhome, she got her mortgage through an online lending company. The mortgage was a personal, amortized loan for $96,500 at an
When Karen bought her townhome, she got her mortgage through an online lending company. The mortgage was a personal, amortized loan for $96,500 at an interest rate of 3.2% with monthly payments for a term of 40 years.
For each part, do not round any intermediate computations and round your final answers to the nearest cent.
(a) | Find Karen's monthly payment. |
(b) | If Karen pays the monthly payment each month for the full term, find her total amount to repay the loan. |
(c) | If Karen pays the monthly payment each month for the full term, find the total amount of interest she will pay. |
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