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What is the total interest paid on a for $200,000 loan with 30 year mortgage at 7% annual. Assume that the mortgage is kept for the full .30 years $28,300,000 ( $28,300 $283,000 O $2830 O

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter7: Using Consumer Loans

Section: Chapter Questions

Problem 7FPE: Calculating interest and APR of installment loan. Assuming that interest is the only finance charge,...

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Question

What is the total interest
paid on a for $200,000 loan
with 30 year mortgage at
7% annual. Assume that the
mortgage is kept for the full
.30 years
$28,300,000 O
$28,300 O
$283,000 O
$2830 O

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