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OpenStudy (anonymous):
Ricardo obtains a 30-year 8.1% fixed rate mortgage for $424,500. The monthly payments are about $3,144. What is the total amount of interest for Ricardo’s mortgage?
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OpenStudy (tkhunny):
30 years of monthly payments: 30 * 12 * 3144 = Total Paid Total Paid less 424500 = Total Interest Paid Notice how the interest rate was not needed to answer the question as stated.
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