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How long will it take to pay the loan

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Reference no: EM132913403

Question - Mr. D takes a mortgage to buy a house for $250000. His down payment is $20000 and he wants to pay $1500 per month. A bank offered him a loan with the nominal interest rate of 3% compounded month. How long will it take to pay the loan? What will be the total cost of the loan? What will be his last payment?

Reference no: EM132913403

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