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5 December, 21:35

Bennie took out a 30-year loan for $165,000 at 5.2% interest, compounded monthly. If his monthly payment on the loan will remain $906.03 for the life of the loan, how much will Bennie have paid in interest once the loan is paid off?

A. $165,000

B. $161,170.80

C. $257,400.00

D. $326,170.80

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Answers (2)
  1. 5 December, 22:03
    0
    The answer would be B. 161,170.80 - apex
  2. 6 December, 01:11
    0
    Bennie makes 360 payments of $906.03 for a total of $326,170.80. That's $161,170.80 more than the principal amount, so he paid $161,170.80 in interest.

    So the answer is B $161,170.80
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