The Howe family recently bought a house. The house has a 15-year, $238,357.00 mortgage with monthly payments and a nominal interest rate of 3.6 percent. What is the total dollar amount of interest the family will pay during the first 5 years of their mortgage? (Assume that all payments are made at the end of the month.)
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$238,357.00 x 12 = $3,848,000.00 Show more…
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