Calculate amount of interest paid over the duration of loan

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Reference no: EM13889540

Joe purchases a $100,000 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%. After 10 years, the amount of each monthly payment is increased by $325.40 in order to repay the mortgage more quickly. Calculate the amount of interest paid over the duration of the loan.

Reference no: EM13889540

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