Question: If you borrow $ 5 0 0 , 0 0 0 at a rate of 7 percent and take 3 0 years to pay it

If you borrow $500,000 at a rate of 7 percent and take 30 years to pay it off, what is the total amount you should expect to pay, including cost of money at the end of 30 years? Please show how you arrived at the answer with an explanation.

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