Determining the total payment of loan

Reference no: EM13117649

Suppose that you need a loan of $160,000. find the total cost of all the monthly payments for the loan below. assume that the loans are fixed rates. Round the total cost to the nearest dollar.

a 30 year loan at APR of 8%

A. $422,647

B. $245,608

C. $416,642

D. $431,607

Reference no: EM13117649

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