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You borrow $250,000 toward the purchase of a home. The loan will be paid off in equal monthly installments over 30 years. If the interest

You borrow $250,000 toward the purchase of a home. The loan will be paid off in equal monthly installments over 30 years. If the interest rate charged is 6 percent per year:

a) How much interest is paid over 30 years?

b) How quickly is the loan paid off if you chose to increase your Monthly payment by $100?

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