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How much interest is paid over the life of the loan

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For the loan in Problem 11, determine the monthly interest for the first and second months and the outstanding principal at the end of the first and second months.

In Problem 11, determine the monthly payment for a thirty-year real estate loan with an annual percentage rate of 8.5% and an initial principal of $200,000. How much interest is paid over the life of the loan?

Reference no: EM131137510

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