You just closed on a $384,757 home in Cincinnati, Ohio. Now you have a 30-year mortgage with an APR of 11.75 percent per year with monthly compounding. How much interest will you pay over the life of the mortgage? O $1,013,401.86 O $384,757.00 O $1,398,158.86 O $15,890,464.10 O $61,141.15

You just closed on a $384,757 home in Cincinnati, Ohio. Now you have a 30-year mortgage with an APR of 11.75 percent per year with monthly compounding. How much interest will you pay over the life of the mortgage? O $1,013,401.86 O $384,757.00 O $1,398,158.86 O $15,890,464.10 O $61,141.15

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Question

You just closed on a $384,757 home in Cincinnati, Ohio. Now you have a 30-year mortgage with an
APR of 11.75 percent per year with monthly compounding. How much interest will you pay over the
life of the mortgage?
$1,013,401.86
$384,757.00
$1,398,158.86
O $15,890,464.10
O $61,141.15

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