Lillian took out a 20-year loan for $170,000 at 8.8% interest, compounded monthly. If her monthly payment on the loan will remain $1507.74 for the life of the loan, how much will Lillian have paid in interest once the loan is paid off?
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Lillian took out a 20-year loan
for $170,000 at 8.8% interest,
compounded monthly. If her
monthly payment on the loan
will remain $1507.74 for the life
of the loan, how much will Lillian
have paid in interest once the
loan is paid off?
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- Angelica took out a 20-year loanfor $170,000 at 5.4% interest,compounded monthly. What isher monthly payment?Abigail received a 15 year loan of $280,000 to purchase a house. The interest rate on the loan was 5.80% compounded semi-annually. a. What is the size of the monthly loan payment? b. What is the balance of the loan at the end of year 2? c. By how much will the amortization period shorten if Abigail makes an extra payment of $30,000 at the end of year 2?Cassandra received a 30 year loan of $320,000 to purchase a house. The interest rate on the loan was 3.70% compounded semi-annually. a. What is the size of the monthly loan payment? Round to the nearest cent b. What is the balance of the loan at the end of year 3? Round to the nearest cent c. By how much will the amortization period shorten if Cassandra makes an extra payment of $30,000 at the end of year 3? years and monthsm
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