You borrow $149,000 to buy a house. The mortgage rate is 7.5% and the loan period is 30 years. Payments are made monthly. If you pay for the house according to the loan agreement, how much total interest will you pay?
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Terms of mortgage and
the future value of mortgage:
Rate = 7.5%/12 =
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0.625%
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Nper = 30 x 12 =
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360
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