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5 years ago
A house sells for $312,500 and a 20% down payment is made. A 30-year mortgage at 7% was obtained. Find the monthly payment and the total interest paid.

 A.Monthly payment = $1,671.61; total interest paid = $351,779.60   
 B.Monthly payment = $1,762.49; total interest paid = $384,496.40   
 C.Monthly payment = $1,654.35; total interest paid = $345,566.00   
 D.Monthly payment = $1,662.50; total interest paid = $348,500.00
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Educator
5 years ago
First, $312,500 * 0.20. Find how much you need a loan for.

Rightwards Arrow $1,663.26

Total interest: $348,772.25
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