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The Garfields buy a $265,000 home by putting 20% down and financing the balance with a 30-year fixed-rate 4.2% mortgage, compounded monthly.

The Garfields buy a $265,000 home by putting 20% down and financing the balance with a 30-year fixed-rate 4.2% mortgage, compounded monthly. What is the total amount of interest paid to the lender over the entire 30-year loan?


A. 161,219.20

B. 1,036.72

C. 212,000.00

D. 161, 217.91

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1 comment
  • Last but one line is interest paid =1036.716408*360-212000=161217.91
    • ashok592000
    • May 04, 2018 at 12:20pm

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