Question: Ken purchase a $ 2 0 0 , 0 0 0 home. Mortgage payments are to be made monthly for 3 0 years with the

Ken purchase a $200,000 home. Mortgage payments are to be made monthly for 30 years with the first payment to be made one month from now. The annual effective rate of interest is 5%, starting with the 100th payment, each monthly payment is increased by $400(level payments) in order to repay the mortgage more quickly. 5. Calculate the total amount of interest paid during the duration of the loan.

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