Number of years that the loan is in effect

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Reference no: EM131012574

Find the monthly payment on a 30-year $270,000 loan if the interest rate is 7%. Find the total interest paid on the loan in part Use M = Lrk / 12(k - 1), where k = [1 + (r/12)] ^12t, M is the monthly payment, L is the loan amount, r is the intrest rate, and t is the number of years that the loan is in effect.

Reference no: EM131012574

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