Question: You need to borrow $ 2 5 0 , 0 0 0 to purchase a new house. The bank will loan you the money at

You need to borrow $ 250,000 to purchase a new house. The bank will loan you the money at an APR of 4.8%(monthly compounding) and a 15 year term (i.e.180 monthly payments in total). After making exactly 20 payments, what is the total amount of interest you will have paid (rounded to the nearest dollar)? The total amount of interest is closest to:

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