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How much have spent towards interest charges on the loan

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Reference no: EM133009546

Problem 1: A 30-year amortization on a mortgage for a $500,000 house has a monthly rate of 0.5%, that is fixed for ten years. At the end of the 10th year your initial term is over. How much have you spent towards interest charges on this loan?

Option 1: $418,428.26
Option 2: $278,159.26
Option 3: $81,571.74
Option 4: $359,730.00

Reference no: EM133009546

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