February 24, 2017

Homework Help: Please Help

Posted by shirley on Monday, May 28, 2012 at 4:12pm.

Suppose that you want to purchase a home for $450,000 with a 30 year mortgage at 6% interest. Suppose that you can put 40% down. Assume that the monthly cost to finance $1,000 is $6.00. What is the total amount of interest paid on the 30 year loan?

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