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You just borrowed $365,945 to by a new house. The advertised interest rate was 6.3% APR with monthly compounding. The loan is 33 years long.
You just borrowed $365,945 to by a new house. The advertised interest rate was 6.3% APR with monthly compounding. The loan is 33 years long. The size of the monthly payments will increase by 1% every month. The first payment is due in one month. Once you are completely done paying off the loan, how much will you have paid in principle, in total? (i.e. ignoring interest)
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