Calculate the total interest paid over the life of the loan

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Reference no: EM13125702

In order to pay the $18,000 for the necessary repairs to the house, the couple has a choice between two options:

Borrow the $18,000 from the bank at 6% interest, compounded quarterly for 5 years.

Increase the mortgage amount to include the $18,000, bringing the total amount financed to $187,100

Compute the total interest paid over the life of the loan for each of these options.

Reference no: EM13125702

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