You take a 25-year mortgage, and pay it back by level monthly payment at K=620.00 each...
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You take a 25-year mortgage, and pay it back by level monthly payment at K=620.00 each starting one month after the loan is made. Interest on the mortgage is an annual nominal rate of i(12)=6.0 percent convertible monthly. What is the total amount of interest you pay the lender over this 25 year term? Keep 4 decimal places only. You take a 25-year mortgage, and pay it back by level monthly payment at K=620.00 each starting one month after the loan is made. Interest on the mortgage is an annual nominal rate of i(12)=6.0 percent convertible monthly. What is the total amount of interest you pay the lender over this 25 year term? Keep 4 decimal places only.
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