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4 February, 13:30

Mae took out a 30-year loan for $235,000 at 4.6% interest, compounded monthly. If her monthly payment on the loan will remain $1204.71 for the life of the loan, how much will Mae have paid in interest once the loan is paid off?

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  1. 4 February, 13:47
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    1204.71*30 (years) * 12 (months per year) = $433,695.60

    Original price was 235,000 so she paid 433,695.60-235,000=$198,695.60 in interest.
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