Question
You decide to take out a mortgage to buy a home after graduation. Assume a loan amount of $100,000 for 30 years at a nominal
You decide to take out a mortgage to buy a home after graduation. Assume a loan amount of $100,000 for 30 years at a nominal annual interest rate of 12%, compounded monthly.
What is the total amount of interest that is paid over the course of the 30 years?
Please round your numerical answer to the nearest integer dollar.
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Personal Finance
Authors: Megan Noel, Dan French
2nd Edition
1465246479, 9781465246479
