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Peter Recently Purchased a New Home with a 25-Year Mortgage

Question 72

Multiple Choice

Peter recently purchased a new home with a 25-year mortgage loan of $250,000 at 8% compounded monthly, What is the total amount Peter will pay the bank over the life of the loan?


A) ​$23,420
B) ​$328,860
C) ​$250,000
D) ​$578,860

Correct Answer:

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