Determine that amount paid over the term of the loan

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Reference no: EM131858686

Question: Consider a home mortgage of $200,000 at a fixed APR of 12% for 20 years.

1. Calculate the monthly payment.

2. Determine that amount paid over the term of the loan.

3. Of the total amount paid, what percentage is paid toward the principal and what percentage is paid for interest.

Reference no: EM131858686

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