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You need a 25-year, fixed-rate mortgage to buy a new home for $426,822.65. Your mortgage bank will lend you the money at a 9.36 percent
You need a 25-year, fixed-rate mortgage to buy a new home for $426,822.65. Your mortgage bank will lend you the money at a 9.36 percent APR for this 25-month loan, with interest compounded monthly. If you pay the mortgage according to the loan agreement (no early payment or refinancing), how much total interest would you pay on this loan, ignoring any other fees, if any? I have tried this several times now... Please break it down by hand.
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