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Calculate the total amount paid to financial institution

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Looking to buy a home with an asking price of $225,000. Since the market is hot, you plan to put in an offer for full asking price. You also plan to put a $45,000 down payment and finance the remainder. Your bank is offering you a 30-year loan at 4.125% APR (compounded monthly). Assume first payment is made one month from today and you make all of the payments on time, calculate the total amount paid to your financial institution.

Reference no: EM132381084

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