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You have just bought a home for $600,000. You took a loan from the bank to make this purchase and you have to pay back

You have just bought a home for $600,000. You took a loan from the bank to make this purchase and you have to pay back the loan in 25 equal installments to be paid annually. The first installment is due one year from today. How much interest will you be paying over the life of this loan if the interest rate is 5%?

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Question 3: You have just bought a home for $600,000. You took a loan from the bank to make this purchase and you have to pay back the loan in 25 equal installments to be paid annually. The first installment is due one year from today. How much interest will you be paying over the life of this loan if the interest rate is 5%? (3 Marks]

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