Question: You plan to purchase a $200,000 house using a 30-year mortgage obtained from your local bank. The mortgage rate offered to you is 5% percent.

You plan to purchase a $200,000 house using a 30-year mortgage obtained from your local bank. The mortgage rate offered to you is 5% percent. You will make a down payment of 10 percent of the purchase price. The quarterly repayment of this mortgage is required.

What is the amount of interest paid over the life of this mortgage?

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