cial position, and you can pay off the loan in 240 equal monthly payments. Answer the following questions about this loan.

Principles of Accounting Volume 2
19th Edition
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax
Chapter11: Capital Budgeting Decisions
Section: Chapter Questions
Problem 5MC: If you are saving the same amount each month in order to buy a new sports car when the new models...
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Suppose you decide to wait 5 years to save up before buying the house.  You are able to put a down payment of $30,000 on the house, so that you only need to borrow $170,000 from the bank.  Assume the interest rate is still the same, but you are now in a better financial position, and you can pay off the loan in 240 equal monthly payments.

Answer the following questions about this loan.

After making 240 monthly payments, how much of what you paid the bank was interest?

$                      .  ROUND TO THE NEAREST CENT.

THANKS APPRECIATE THE HELP!!!

 
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