Solution-Remember that number of compounding periods

Remember that number of compounding periods

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Reference no: EM131769129

Calculate the total interest paid on a 30-year, 3.9% fixed-rate $200,000 mortgage loan.

Remember that number of compounding periods in a year n = number of payments expected to be made in a year. If you make monthly mortgage payments, then interest on the loan is compounded monthly.

Give answer in dollars rounded to the nearest cent. Do NOT enter "$" sign in answer.

Reference no: EM131769129

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Remember that number of compounding periods

Reference no: EM131769129

Reference no: EM131769129

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