Real Estate Math
What is the total interest paid on a $200,000 loan at 5% for 30 years with a monthly payment of $1,073.64?
A$186,510.40✓ Correct
B$183,420.00
C$195,000.00
D$172,510.40
Explanation
Total payments: $1,073.64 × 360 months = $386,510.40. Total interest: $386,510.40 − $200,000 = $186,510.40.
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