You take out a mortgage to buy a house worth $648,000. The down payment is 29%, the annual interest rate is 6.9%, the term of the mortgage is 30 years, and payments are monthly. What is the total interest that will be paid over the life of the loan? Round to the nearest whole dollar [i need this answer i will 5 upvotes]

You take out a mortgage to buy a house worth $648,000. The down payment is 29%, the annual interest rate is 6.9%, the term of the mortgage is 30 years, and payments are monthly. What is the total interest that will be paid over the life of the loan? Round to the nearest whole dollar [i need this answer i will 5 upvotes]

Corporate Fin Focused Approach

5th Edition

ISBN:9781285660516

Author:EHRHARDT

Publisher:EHRHARDT

Chapter4: Time Value Of Money

Section4.17: Amortized Loans

Problem 1ST

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