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30 January, 04:18

Cheyenne took out a 30-year loan for $350,000 at 2.9% interest, compounded monthly. If her monthly payment on the loan will remain $1456.80 for the life of the loan, how much will Cheyenne have paid in interest once the loan is paid off?

A. $350,000.00

B. $360,150.00

C. $524,448.00

D. $174,448.00

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Answers (1)
  1. 30 January, 04:32
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    The answer is d.

    Explanation:

    1456.80 per month

    1456.80 times 12 = how much per year

    17481.6 = how much per year

    17481.6 times 30 years = 524448

    $524448 - the original loan (350,000) = $174,448
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