Determine the total amount paid over the term of the loan


Determine the total amount paid over the term of the loan

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Consider a home mortgage of ​$175,000 at a fixed APR of 3% for 30 years.

a. Calculate the monthly payment.

b. Determine the total amount paid over the term of the loan.

c. Of the total amount​ paid, what percentage is paid toward the principal and what percentage is paid for interest.

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