How much interest did you pay

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Reference no: EM132054004

You plan on purchasing a $650,000 home. You’ll put 20% down and borrow the balance from Santander Bank. You borrow the money on a 30-year loan with an APR of 6.5%.

a. What is your monthly mortgage?

b. Five years later, what is the balance on the loan?

c. In the first five years, how much interest did you pay?

Reference no: EM132054004

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