How much interest would you have paid in total

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Reference no: EM132070111

You want to buy a house that costs 235,000$. You get a 30 year mortgage that is a hybrid loan, which means it is an interest only loan, but only for the first seven years. After that point (i.e beginning at time 8), it converts to an amortized loan for the remaining 23 years. The interest rate throughout is 5.4, compounded monthly. If you keep the loan for the entire time period, how much interest would you have paid in total? Show your work.

Reference no: EM132070111

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