Finance
A Virginia investor who borrows $400,000 at 7% for 20 years for a commercial property pays approximately how much in total interest over the life of the loan?
A$238,000✓ Correct
B$280,000
C$325,000
D$241,600
Explanation
Monthly payment on $400,000 at 7% for 20 years ≈ $3,101. Total payments = $3,101 × 240 = $744,240.
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