You want to buy your dream house by borrowing $300,000 for 15 years, with monthly payments....

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You want to buy your dream house by borrowing $300,000 for 15years, with monthly payments. The bank quotes a fixed rate of 5.5%.What is the total interest you paid by the end of the5^th year?

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Total interest you paid by the end of the 5th year is 7294201 Step1Calculation of Monthly payment Monthly payment Loan amount Present value of annuity of 1 300000 1223865193 245125 Working See Answer

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You want to buy your dream house by borrowing $300,000 for 15 years, with monthly payments....

60.2K

Verified Solution

Question

Finance

You want to buy your dream house by borrowing $300,000 for 15years, with monthly payments. The bank quotes a fixed rate of 5.5%.What is the total interest you paid by the end of the5^th year?

Answer & Explanation Solved by verified expert

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You want to buy your dream house by borrowing $300,000 for 15 years, with monthly payments....

60.2K

Verified Solution

Question

Finance

You want to buy your dream house by borrowing $300,000 for 15years, with monthly payments. The bank quotes a fixed rate of 5.5%.What is the total interest you paid by the end of the5th year?

Answer & Explanation Solved by verified expert

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You want to buy your dream house by borrowing $300,000 for 15years, with monthly payments. The bank quotes a fixed rate of 5.5%.What is the total interest you paid by the end of the5^th year?